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. Notes payable Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Common stock Retained earnings (prior year) Sales Cost of goods sold Debit $ 78,000 47,000 Credit 28,500 0 12,000 4,000 $ 11,600 14,600 40,000 85,000 196,300 Factory overhead 113,000 25,000 General and administrative expenses 40,000 5 347,500 $347,500 Totals These six documents must be processed to bring the accounting records up to date. Materials requisition 101 Materials requisition 11: Materials requisition 121 Labor time ticket 521 Labor time ticket 531 Labor tine ticket 54:1 $ 4,100 direct materials to Job 402 $ 7,800 direct materials to Job 404 $ 2,000 indirect materials $ 4,000 direct labor to Job 402 $ 16,000 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 150% 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 $85,000 in this list.