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. In Factory Overhead T-account, enter amounts from part 1 related to factory overhead Determine the amount of over- or underapplied overhead. Actual overhead (given) Factory Overhead Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Notes payable Accounts payable Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals Debit Credit $ 75,000 44,000 27,000 0 12,000 4,000 3. Prepare a revised list of account balances as of December 31. Hint: Use the prior year's Retained Earnings balance of $82,000 in this list. $ 10,900 13,900 40,000 82,000 205,200 109,000 26,000 55,000 $ 352,000 $ 352,000 These six documents must be processed to bring the accounting records up to date. Materials requisition 10: Materials requisition 11: Materials requisition 12: Labor time ticket 52: Labor time ticket 53: $ 4,000 direct materials to Job 402 $ 7,500 direct materials to Job 404 $ 2,300 indirect materials $ 8,000 direct labor to Job 402 $ 12,000 direct labor to Job 404 $ 5,000 indirect labor Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Factory wages payable Notes payable Common stock BERGO BAY COMPANY List of Account Balances December 31 Debit Credit Retained earnings (prior year) Sales Cost of goods sold Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold. View transaction list Journal entry worksheet Record the entry to allocate any overapplied or underapplied overhead. Note: Enter debits before credits. General Journal Debit Credit December 31 Factory overhead Labor time ticket 54: General and administrative expenses Totals $ 0 $ Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 150% of direct labor cost. Record entry Clear entry View general journal 2-a. In Factory Overhead T-account, enter amounts from part 1 related to factory overhead. Determine the amount of over- or underapplied overhead. 2-b. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold