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 any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. These six documents must be processed to bring the accounting records up to date. Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 100% of direct labor cost. 1 Record direct materials used for Jobs 402 and 404 . 2 Record direct labor costs for Jobs 402 and 404. 3 Record the entry to apply overhead to Jobs 402 and 404 . 4 Record the indirect materials used. 5 Record the indirect labor. Note : = journal entry has been entered In Factory Overhead T-account, enter amounts from part 1 related to factory overhead. Determine the amount of over- or underapplied overhead. Journal entry worksheet Record the entry to allocate any overapplied or underapplied overhead. Note: Enter debits before credits. \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ BERGO BAY COMPANY } \\ \hline \multicolumn{1}{|c|}{ List of Account Balances } \\ \hline December 31 & Debit & Credit \\ \hline Cash & & \\ \hline Accounts receivable & & \\ \hline Raw materials inventory & & \\ \hline Work in process inventory & & \\ \hline Finished goods inventory & & \\ \hline Prepaid rent & & \\ \hline Accounts payable & & \\ \hline Factory wages payable & & \\ \hline Notes payable & & \\ \hline Common stock & & \\ \hline Retained earnings (prior year) & & \\ \hline Sales & & \\ \hline Cost of goods sold & & \\ \hline Factory overhead & & \\ \hline General and administrative expenses & & \\ \hline Totals & & \\ \hline \end{tabular} \begin{tabular}{|c|c|} \hline \multicolumn{2}{|c|}{ BERGO BAY COMPANY } \\ \hline Income Statement \\ \hline For Year Ended December 31 \\ \hline & \\ \hline & \\ \hline & \\ \hline & $ \\ \hline \end{tabular} Assume that the $1,900 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