Chapter 19: Concept Overview Activity 4 Part 3 of 4 Saved Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. 3 points Cash Accounts receivable Raw materials inventory work in process inventory Finished goods inventory Accounts payable ellook Pre References Ma Prepaid rent Notes payable Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead Debit $ 75,000 44,000 Credit 27,000 0 12,000 4,000 $ 9,000 12,000 40,000 93,000 197,000 111,000 27,000 51,000 $351,000 $ 351,000 General and administrative expenses Totals These six documents must be processed to bring the accounting records up to date. Materials requisition 18: Materials requisition 11: Materials requisition 12: Labor time ticket 52: Labor time ticket 53: Labor tine ticket 54: $ 5,000 direct materials to Job 402 $7,900 direct materials to Job 404 $ 2,400 indirect materials $ 6,000 direct labor to Job 402 $ 14,000 direct labor to Job 404 $5,000 indirect labor Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 100% of direct labor cost 4 Part 3 of 4 3 points 3. Prepare a revised list of account balances as of December 31. Hint: Use the prior year's Retained Earnings balance of $93,000 in this list BERGO BAY COMPANY List of Account Balances December 31 Debit Credit Book Pri Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Factory wages payable Notes payable Common stock Retained earrings (pror year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals 05 0