Farina Bay's computer system generated the following trial balance on December 31, 2013. The company's Problem 15-2A manager knows something is wrong with the trial balance because it does not show any balance for Goods in Source documents, journal Process Inventory but does show balances for the Factory Payroll and Factory Overhead accounts entries, overhead, and financial reports P1 P2 P3 P4 Debit Credit Cash Accounts receivable Raw materials inventory Goods in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings Sales Cost of goods sold Factory payroll Factory overhead $102.000 75,000 80,000 Sage 50 15,000 3,000 $ 17,000 25,000 50,000 271,000 373,000 218,000 68,000 1 15,000 60,000 Totals $736,000 $736.000 After examining various files, the manager identifies the following six source documents that need to be processed to bring the accounting records up to date. Materials requisition 21-3010: Materials requisition 21-3011: Materials requisition 21-3012: Labor time ticket 6052: Labor time ticket 6053: Labor time ticket 6054: $10,200 direct materials to Job 402 $18,600 direct materials to Job 404 $5,600 indirect materials $36,000 direct labor to Job 402 $23,800 direct labor to Job 404 $8,200 indirect labor Jobs 402 and 404 are the only units in process at year-end. The predetermined overhead rate is 200% of direct labor cost. Required 1. Use information on the six source documents to prepare journal entries to assign the following costs. a. Direct materials costs to Goods in Process Inventory b. Direct labor costs to Goods in Process Inventory c. Overhead costs to Goods in Process Inventory d. Indirect materials costs to the Factory Overhead account. e. Indirect labor costs to the Factory Overhead account. 2. Determine the revised balance of the Factory Overhead account after making the entries in part 1. Deter Check (2) $9,200 underapplied overhead mine whether there is any under- or overapplied overhead for the year. Prepare the adjusting entry to al- locate any over-or underapplied overhead to Cost of Goods Sold, assuming the amount is not material. 3. Prepare a revised trial balance. 4. Prepare an income statement for year 2013 and a balance sheet as of December 31, 2013. (3) T. B. totals, $736,000 (4) Net income, $85,800 5. Assume that the $5,600 on materials requisition 21-3012 should have been direct materials charged to Job 404. Without providing specific calculations, describe the impact of this error on the income state- ment for 2013 and the balance sheet at December 31, 2013