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Problem 19-3A (Algo) Computing and recording job costs; preparing income statement and balance sheet LO P1, P2, P3, P4 [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. These six documents must be processed to bring the accounting records up to date. Problem 19-3A (Algo) Part 1 a. Direct materials. b. Direct labor. c. Overhead applied. d. Indirect materials. e. Indirect labor. Required: 1. Use the document information above to prepare journal entries for the above costs. Journal entry worksheet 5 Record direct materials used for Jobs 402 and 404. Note: Enter debits before credits. Journal entry worksheet 5 Record direct labor costs for Jobs 402 and 404. Note: Enter debits before credits. Journal entry worksheet Record the entry to apply overhead to Jobs 402 and 404 . Note: Enter debits before credits. Journal entry worksheet 1 Record the indirect materials used. Note: Enter debits before credits. Journal entry worksheet 1 2 Record the indirect labor. Note: Enter debits before credits. 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. In Factory Overhead T-account, enter amounts from part 1 related to factory overhead. Determine the amount of over- or underapplied overhead. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold. Journal entry worksheet Record the entry to allocate any overapplied or underapplied overhead. Note: Enter debits before credits. 3. Prepare a revised list of account balances as of December 31. Hint: Use the prior year's Retained Earnings balance of $85,000 in this list. 4. Prepare an income statement for the year and a balance sheet as of December 31 . Hint: Retained earnings is $119,300 at the end of the current year. 5. Assume that the $1,500 on materials requisition 12 should have been direct materials charged to Job 404 . Does this error result in overstatement or understatement of total assets? Complete this question by entering your answers in the tabs below. Prepare an income statement