Required information The following information applies to the questions displayed below.) Bergamo Bay's computer system generated the following trial balance on December 31, 2019. The company's manager knows something is wrong with the trial balance because it does not show any balance for Work in Process Inventory but does show a balance for the Factory Overhead account. In addition, 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 Sales Cost of goods sold Factory overhead Operating expenses Totals Debit credit $ 68,000 37,000 23,500 0 15,000 5,900 $8,800 11,800 50,000 79,000 161, 900 103,000 24,000 36,080 $311,500 $311,500 Chapter 15 Seved Help Save & Exit Cash Accounts receivable Raw materials inventory work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings Sales Cost of goods sold Factory overhead Operating expenses Totals $ 68,000 37,809 23,500 8 15,000 5,000 $8,880 11, BOB 50,000 79, 898 161, 900 103,800 24,000 36,000 $311,500 $311, 500 After examining various files, the manager identifies the following six source documents that need to be processed to bring the accounting records up to date, Materials requisition 21-3010: Materials requisition 21-3011! Materials requisition 21-3012: Labor time ticket 6052: Labor time ticket 6053 Labor time ticket 6054: $ 4, 100 direct materins to 306402 $ 7,300 direct materials to Job 494 $ 2,300 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 units in process at year-end. The predetermined overhead rate is 100% of direct labor cost ork: Chapter 15 Help Sove & E Required information www . Sob 304 ob 207 2 $ $ From March Direct Materials Direct Labor Applied overhead Beginning goods in process 25,000 22.000 11,000 58.000 36,000 13.000 6,500 55,500 $61.000 35,000 17.500 5 113.500 $ $ $ 0 For April Direct Materials Direct Labor Applied overhead Total costs added in April 136,000 104,000 52,000 292.000 205,000 153,000 765,000 1.123.000 105,000 101.000 50.500 46,000 358,000 867,500 1.671,500 s 1.785.000 256,500 $ 350,000 Total costs (April 30) $ 1 178,500 $ 256.500 Status on April 30 April 30 cost included in Finished (sold) Cost of goods sold Finished (unsold) Finished goods inventory in process Work in process inventory Complete this question by entering your answers in the tabs be Required 4A Required 4B Show how to present the inventories on the April 30 balance sheet. Inventories Raw materials Work in process Finished goods Total inventories 256,500 1,178,500 $ 1,435.000 Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold, assur View transaction list f4 Journal entry worksheet Record the entry to allocate any overapplied or underapplied overhead. Note: Enter debits bero credits: Date Debit Credit Dec 31 General Journal Cost of goods sold Factory overhead Required information Trial Balance December 31, 2019 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 Sales Cost of goods sold Factory overhead Operating expenses Totals 0 $ Complete this question by entering your answers in the tabs below. Income Statement Balance Sheet Prepare an income statement for 2019, BERGAMO BAY COMPANY Income Statement For Year Ended December 31, 2019