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Required information Problem 15-3A (Static) Computing and recording job costs; preparing income statement and balance sheet LO P1, P2, P3, P4 The following information applies

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Required information Problem 15-3A (Static) 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. Debit Credit Cash $ 170, 000 Accounts receivable 75, 000 Raw materials inventory 80, 000 Work in process inventory Finished goods inventory 15,000 Prepaid rent 3,000 Accounts payable $ 17, 000 Notes payable 25,000 Common stock 50,000 Retained earnings (prior year) 271,000 Sales 373,000 Cost of goods sold 218,000 Factory overhead 115,000 General and administrative expenses 60, 000 Totals $ 736, 000 $ 736, 000 These six documents must be processed to bring the accounting records up to date. Materials requisition 10: $ 10, 200 direct materials to Job 402 Materials requisition 11: $ 18, 600 direct materials to Job 404 Materials requisition 12: $ 5, 600 indirect materials Labor time ticket 52: $ 36, 000 direct labor to Job 402 Labor time ticket 53: $ 23, 800 direct labor to Job 404 Labor time ticket 54: $ 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. Problem 15-3A (Static) Part 3 3. Prepare a revised list of account balances as of December 31. Hint Use the prior year's Retained Earnings balance of $271,000 in this list. BERGO BAY COMPANY List of Account Balances December 31 Debit Credit Cash 170,000 Accounts receivable 75,000 Raw materials inventory 45,600 Work in process inventory Finished goods inventory 15,000 Prepaid rent 3,000 Accounts payable 17,000 Factory wages payable Notes payable 25,000 Common stock 50,000 Retained earnings (prior year) 271,000 Sales 373,000 Cost of goods sold Factory overhead General and administrative expenses 60,000 Totals $ 368,600 $ 736,000

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