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 Debit $ 68,000 Credit Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable 37,000 23,500 0 6,000 2,000 $ 11,400 Notes payable 14,400 Common stock Retained earnings (prior year) Sales Cost of goods sold 20,000 82,000 178,700 104,000 Factory overhead General and administrative expenses 26,000 40,000 $ 306,500 $ 306,500 Totals 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: $ 4,900 direct materials to Job 402 $ 7,200 direct materials to Job 404 $ 2,200 indirect materials $ 7,000 direct labor to Job 402 $ 13,000 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. 4. Prepare an income statement for the year and a balance sheet as of December 31. Hint: Retained earnings is $103,500 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