Required information 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 Credit Debit $ 65,000 34,000 22,000 9,000 3,600 Cash Accounts receivable Row materials Inventory Work in process inventory Finished goods Inventory Prepaid rent Accounts payable Notes payable Common stock Betained earnings (prior year) Sales cost of goods sold Factory Overhead General and administrative expenses Totals $ 10,900 13,000 30,000 79,000 173,200 110.000 26.000 30.000 5 307,000 $ 307,000 These six documents must be processed to bring the accounting records up to date Materials requisition 101 Materials requisition 11 Materials requisition 12 Labor time ticket 52 Labor time ticket 53: Labor tie ticket 54 $ 4,000 direct materials to Job 402 $ 7.700 direct materials to job 404 $ 1.500 indirect materials $7,000 direct labor to Job 13 $ 13,000 direct labor to job 404 55,000 indirect labor Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 100% of direct labor cost Problem 19-3A (Algo) Parts 4 and 5 4. Prepare an income statement for the year and a balance sheet as of December 31 Hint Retained coming is $91600 at the end of the current year 5. Assume that the $1600 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. Req 4 Income Reg 4 Balance Statement Sheet Reg 5 Prepare an income statement. BERGO BAY COMPANY Income Statement For Year Ended December 31 Reg 4 Balance Sheet > 4 Complete this question by entering your answers in the tabs below. Reg 4 Income Reg 4 Balance Statement Sheet Reqs Prepare a balance sheet as of December 31 ok BERGO BAY COMPANY aces Balance Sheet As at December 31 Assets Inventories GO 4 Complete this question by entering your answers in the tabs below. Reg 4 Income Reg 4 Balance Statement Sheet Reqs Prepare a balance sheet as of December 31 ok BERGO BAY COMPANY aces Balance Sheet As at December 31 Assets Inventories GO