Required Information Problem 15-3A (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. Notes payable Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Common stock Retained earnings (prior year) Sales Cost of goods sold Debit $ 74,000 43,000 26,500 Credit 8 9,000 3,000 $ 11,800 14,800 30,000 81,000 187,900 Factory overhead General and administrative expenses 109,000 26,000 35,000 $ 325,500 $ 325,500 Totals 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: $ 4,700 direct materials to Job 402 $ 7,300 direct materials to Job 404 $ 1,600 indirect materials $ 7,000 direct labor to Job 402 $13,000 direct labor to Job 404 $ 5,000 indirect labor Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 150% of direct labor cost. Problem 15-3A (Algo) Part 4 4. Prepare an income statement for the year and a balance sheet as of December 31. Hint: Retained earnings is $122,300 at the end of the current year. Complete this question by entering your answers in the tabs below. Income Statement Balance Sheet Prepare an income statement. BERGO BAY COMPANY Income Statement For Year Ended December 31 0 $ 0 BERGO BAY COMPANY Balance Sheet As at December 31 Assets Inventories 0 Total assets $ 0 Liabilities Total liabilities 0 Equity Total equity 0 Total liabilities and equity $ 0