part 1 answers

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. Credit Debit $ 170,000 75,000 80,000 15,000 3,000 Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common tock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals $ 17,000 25,000 50,000 271,000 373,000 218,000 115,000 60,000 $ 736,000 $ 736,000 These six documents must be processed to bring the accounting records up to date. These six documents must be processed to bring the accounting records up to date. Materials requisition 10: Materials requisition 11: Materials requisition 12: Labor time ticket 52: Labor time ticket 53: Labor time ticket 54: $ 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 jobs in process at year-end. The predetermined overhead.rate is 200% of direct labor cost. 2-a. In Factory Overhead T-account, enter amounts from part 1 related to factory overhead. Determine the amount of over-or underapplied overhead. 2-b. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Req 2A Reg 2B Req 2A Req 2B In Factory Overhead T-account, enter amounts from part 1 related to factory overhead. Determine the amount of over- or underapplied overhead. Factory Overhead Actual overhead (given) Debit Credit General Journal No Transaction 28,800 1 a. Work in process inventory Raw materials inventory 28,800 59,800 2 b. Work in process inventory Factory wages payable 59,800 119,600 3 C. Work in process inventory Factory overhead 119,600 5,600 4 d. Factory overhead Raw materials inventory 5,600 8,200 5 e. Factory overhead Factory wages payable 8,200 Direct labor cost Estimated overhead cost Factory wages payable Indirect labor Estimated overhead cost Factory wages payable Indirect labor Indirect materials Overhead applied Record the entry to allocate any overapplied or underapplied overhead. Note: Enter debits before credits. Debit General Journal Date Credit December 31 Cash Cost of goods sold Factory overhead Factory wages payable Finished goods inventory Overapplied overhead Sales Underapplied overhead Work in process inventory