HELP CENTER Blackboard -XCO Question 2 (17 points) Bergamo Bay's computer system generated the following trial ending balance on December 31, 2020. The company's manager knows something is wrong with the trial balance (shown below) because it does not show any ending balance for Work in Process Inventory but does show a balance for the Factory Overhead account. In addition, the Factory Wages Payable has not been recorded. Debit Credit Cash 170,000 Accounts receivable 75,000 Raw materials inventory 80,000 Work in process inventory 0 Finished goods inventory 15,000 Prepaid rent 3,000 Accounts payable 17,000 Notes payable 25,000 Common stock 50.000 Retained earnings 271,000 373,000 Cost of goods sold 218,000 Factory overhead 115,000 Operating expenses 60,000 736,000 736,000 Sales Totals Bergamo Bay finishes all previous jobs at the beginning of the year, and starts two new jobs (Job 402 and Job 404) in 2020. 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: S10.200 direct materials to Job 402 Materials requisition 21-3011: $18,600 direct materials to Job 404 Materials requisition 21-3012: $5,600 indirect materials Labor time ticket 6052: $36.000 direct labor to Job 402 Labor time ticket 6053; $23,800 direct labor to Job 404 Labor time ticket 6054: S8.200 indirect labor Click Save and Submit to save and submit. Click Save All Answers to save all answers, HELP CENTER 0 15,000 3,000 Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings Sales Cost of goods sold Factory overhead Operating expenses 17,000 25,000 50,000 271,000 373,000 Totals 218,000 115.000 60,000 736,000 736,000 Bergamo Bay finishes all previous jobs at the beginning of the year, and starts two new jobs (Job 402 and Job 404) in 2020. 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: $10,200 direct materials to Job 402 Materials requisition 21-3011: S18,600 direct materials to Job 404 Materials requisition 21-3012: $5,600 indirect materials Labor time ticket 6052: $36.000 direct labor to Job 402 Labor time ticket 6053 $23,800 direct labor to Job 404 Labor time ticket 6054: $8,200 indirect labor The predetermined overhead rate is 200% of direct labor cost. 1. Please prepare the journal entries to record the six missing items in the balance sheet (8 points). 2. Is there any overapplied or underapplied overhead in 2020? If yes, please prepare the journal entries to close the book. (6 points) 3. Assume that the ending balance of Work in Process inventory is $17,300. Please prepare the Schedule of Cost of Goods Manufactured (3 points) For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac) T T T Arial 3 (12pt) TEE 12 Click Save and Submit to save and submit. Click Save All Answers to save all answers, Save All Answers CI