Chapter 2 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. Cash Accounts receivable Raw materials Inventory Work in process inventory Finished goods inventory Accounts payable Prepaid rent Nuts payable Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Tutuls Debit $ 75,000 Credit 44,000 27,000 12,000 113,000 $ 11,100 14,100 40,000 83,000 150,000 26,000 38,000 $339,000 $389,000 These six documents must be processed to bring the accounting records up to date. Materials requisition 10: Materials requisition 11: Materials requisition 12 Labor tire ticket 121 Labor time ticket 31 Labor time ticket 34: $ 4,480 direct materials to Job 402 $ 7,880 direct materials to Job 404 $2,200 indirect materials $6,000 direct labor to Job 402 $14,000 direct labor to Ich 104 $ 5,eaa indirect labor Jobs 102 and 101 are the only jobs in process at year end. The predetermined overhead rate is 150% of direct labor cost. 3. Prepare a revised list of account balances as of December 31. Hint: Use the prior year's Retained Earnings balance of $83,000 in this list. BERGO BAY COMPANY List of Account Balances December 31 Debit Credit Cash Accounts receivable Raw materials inventory Work in process Inventory Finished goods inventory Prepaid rent Accounts payable Factory wages payable Notas payable Common stock Retained eamings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals Saved