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. Cash Accounts receivable: Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals Debit $170,000 Credit 75,000 80,000 0 15,000 3,000 $ 17,000 25,000 50,000 271,000 373,000 218,000 115,000 60,000 $736,000 $736,000 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: Labor time ticket 54:1 $ 10,200 direct materials to Job 402 $ 18,600 direct materials to Job 404 $5,600 indirect materials $ 36,000 direct labor to Job 402 $ 23,800 direct labor to Job 404 $ 8,200 indirect labor Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 200% of direct labor cost. a. Direct materials. b. Direct labor. c. Overhead applied. d. Indirect materials. e. Indirect labor. Required: 1. Use the document information above to prepare journal entries for the above costs. View transaction list Journal entry worksheet < 1 2 3 4 5 Record direct materials used for Jobs 402 and 404. Note: Enter debits before credits. Transaction a. General Journal Debit Credit a. Direct materials. b. Direct labor. c. Overhead applied. d. Indirect materials. e. Indirect labor. Required: 1. Use the document information above to prepare journal entries for the above costs. View transaction list Journal entry worksheet < 1 2 3 4 5 Record direct labor costs for Jobs 402 and 404. Note: Enter debits before credits. Transaction b. General Journal Debit Credit > a. Direct materials. b. Direct labor. c. Overhead applied. d. Indirect materials. e. Indirect labor. Required: 1. Use the document information above to prepare journal entries for the above costs. View transaction list Journal entry worksheet < 1 2 4 5 Record the entry to apply overhead to Jobs 402 and 404. Note: Enter debits before credits. Transaction C. General Journal Debit Credit > a. Direct materials. b. Direct labor. c. Overhead applied. d. Indirect materials. e. Indirect labor. Required: 1. Use the document information above to prepare journal entries for the above costs. View transaction list Journal entry worksheet < 1 2 3 Record the indirect materials used. Note: Enter debits before credits. Transaction d. 5 General Journal Debit Credit a. Direct materials. 5. Direct labor. C. Overhead applied. d. Indirect materials. e. Indirect labor. Required: . Use the document information above to prepare journal entries for the above costs. View transaction list Journal entry worksheet < 1 2 3 4 Record the indirect labor. Note: Enter debits before credits. Transaction e. LO General Journal Debit Credit Materials requisition 10: Materials requisition 11: Materials requisition 12: Labor time ticket 52: Labor time ticket 53: Labor time ticket 54: $ 10,200 direct materials to Job 402 $ 18,600 direct materials to Job 404 $ 5,600 indirect materials $ 36,000 direct labor to Job 402 $ 23,800 direct labor to Job 404 $ 8,200 indirect labor Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 200% of direct labor cost. 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. Complete this question by entering your answers in the tabs below. Req 2A Req 28. In Factory Overhead T-account, enter amounts from part 1 related to factory overhead. Determine the amount of over- or underapplied overhead. Factory Overhead Actual overhead (given) Req 28 > Req 2A Req 2B Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold. View transaction list Journal entry worksheet < 1 Record the entry to allocate any overapplied or underapplied overhead. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Homework i Saved Labor time ticket 54: $ 8,200 indirect labor Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 200% of direct labor cost. 3. Prepare a revised list of account balances as of December 31. Hint. Use the prior year's Retained Earnings balance of $271,000 in this list. BERGO BAY COMPANY List of Account Balances December 31 Debit Credit Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Factory wages payable Notes payable Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals $ $ 0 Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 200% 8 4. Prepare an income statement for the year and a balance sheet as of December 31. Hint: Retained earnings is $356,800 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 311 0 $ 0 Income Statement Balance Sheet > Required information BERGO BAY COMPANY Balance Sheet As at December 31 Assets. Inventories 0 Total assets $ 0 Liabilities Total liabilities 0 Equity Total equity 0 Total liabilities and equity $ 0