Required Information The following information applies fo the questions displayed beiow? Bergo Bay's accounting system generated the following account baiances on December 3t. The company's manager. knows something is wrong with this list of balances because it does not show arvy balance for Work in Process inventory. and the accrued factory payroll (Factory Wages Payabie) has not been recorded These slr documents must be procested to aring the azcolinting records up to ante of the Sument vear 4. Prepare an income statement for the year and a balance sheet as of December 31 . Hint Retained earnings is $115,500 at the end of the current year. 5. Assume that the $2400 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. Assume that the $2,400 on materials requisition 12 should have been direct materials charged to Job 404. Does this error result in overstatement or understatement of total assets on the balance sheet at December 31 ? Does thip error cesult in overntatement or unceratarement of total assets Required information [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 ary balance for Work in Process inventory: and the accrued factory payroll (Factory Wages Payabie) has not been recorded. These six documents must be processed to bring the accounting recocds up to dare Lbar tine ticket s4: 3,5,eee indirect laser Jobs 402 and 404 are the onty jobs in process at year-end. The predetermined overhead rate is 150% of direct labor cost 2-a. In Factory Ovechead T-accoint, enter amounts from part 1 reloted to factory overhead. Determine the amount of over- or: underapolied overhead 2.b. Prepare the entry to close any over or underapolled overhead to Cost of Goods Sold. Camplete this question by entering your answers in the tabs below. In Factory Gverhead T-accounk anter ampunts from pait 1 related to factory overhsad Determine the amount of ovier- of underapplied overhead. Journal entry worksheet Hecent the anty to aliocate any averapilied or underapplied ererthad