Check my work Required information [The following information applies to the questions displayed below. ] 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. Debit Credit Cash $ 75,000 Accounts receivable 44,000 Raw materials inventory 27,000 Work in process inventory 0 Finished goods inventory 15,000 Prepaid rent 5,000 Accounts payable $ 9,100 Notes payable 12,100 Common stock 50,000 Retained earnings (prior year) 87,000 Sales 181,800 Cost of goods sold 101,000 Factory overhead 26,000 General and administrative expenses 47,000 Totals $ 340,000 $ 340,000 These six documents must be processed to bring the accounting records up to date. Materials requisition 10: $ 4,900 direct materials to Job 402 Materials requisition 11: $ 7,000 direct materials to Job 404 Materials requisition 12: S 2,100 indirect materials Labor time ticket 52: $ 5,000 direct labor to Job 402 Labor time ticket 53: $ 15,000 direct labor to Job 404 Labor time ticket 54: $ 5,000 indirect labor Jobs 402 and 404 are the onlv iobs in process at vear-end. The predetermined overhead rate is 100% of direct labor cost. '9'\": .5" M .3 C) m Labor time ticket 54: $ 5,000 indirect Labor Jobs 402 and 404 are the only jobs in process at yearend. The predetermined overhead rate is 100% of direct labor cost. 4. Prepare an income statement for the year and a balance sheet as of December 31. Hint: Retained earnings is $107,700 at the end of the current year. Complete thls questlon by enterlng your answers In the tabs below. Income Statement Balance Sheet Prepare an income statement. Balance Sheet ) 9'5- 518%,;0': dtv i inrnrm: a z Required information Total equity 0 Total liabilities and equity | $ 0 Next 10