Required Information Problem 2-3A (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. Cash Accounts receivable Raw materials inventory work in process inventory Finished goods inventory Accounts payable Prepaid rent Notes payable Common stock Retained earnings (prige year Sales Cost of goods sold Factory overhead General and adeinistrative expenses Totals Credit $70,000 39.ene 24,500 9000 3,000 310,700 78,000 192,100 27,000 $324,500 324,588 These six documents must be processed to bring the accounting records up to date Materials requisition 10: Materials requisition 11: Materials requisition 12: Labor tine ticket 52: Labor time ticket $3 Labor time ticket 54: $ 4,900 direct materials to Job 482 57,700 direct materials to Job 404 $ 1,600 indirect materials $ 5,000 direct labor to Job 402 $ 15,000 direct labor to Job 404 35,000 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 2-3A (Algo) Part 4 4. Prepare an income statement for the year and a balance sheet as of December 31 Hint Retained earnings is $104.500 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. Materials requisition 10: Materials requisition 11: Materials requisition 12: Labor time ticket 52: Labor time ticket 53: Labor time ticket 54: $ 4,900 direct materials to Job 482 $7,700 direct materials to Job 484 $1,600 indirect materials $ 5,000 direct labor to Job 482 $ 15,000 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 100% of direct labor cost. Problem 2-3A (Algo) Part 4 4. Prepare an income statement for the year and a balance sheet as of December 31. Hint Retained earnings is $104,500 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 Balance Sheet > Required information the current year. Complete this question by entering your answers in the tabs below. Income Statement Balance Sheet Prepare a balance sheet as of December 31. BERGO BAY COMPANY Balance Sheet As at December 31 Assets Total assets Total liabilities Total equity Total liabilities and equity Inventories Liabilities Equity