Return to question Part 1014 Required information Problem 15-2A Source documents, journal entries, overhead, and financial reports LO P1, P2, P3, P4 The following information applies to the questions displayed below! Bergamo Bay's computer system generated the following trial balance on December 31, 2017. 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 Payroll Payable) has not been recorded 2.22 Credit $ 59,00 37.000 23,500 15.ee Accounts receivable Raw materials inventory work in process inventory Finished goods Inventory Prepaid rent Accounts payable Notes payable common stock Retained earnings $ 18,700 13,7ee 18e, lee Cost of oods sold Factory overhead Operating expenses Totals 41. see $333, See $333,50 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 21-010: Materials requisition 21-3011: Materials requisition 21 - 2012: 54.400 direct materials to Job 422 $7,00 direct materials to Job 404 $2.1ee indirect materials Return to question 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. Part 1 of 4 nateriais e t on 21- Materials requisition 21-3011: Materials reuisition 21.3012: Labor time ticket G0521 Labor tine ticket so: Labor time ticket 5054: $4,400 direct materials to job 402 $7,800 direct materials to 10 404 $2,100 indirect materials 58,000 direct labor to Job 402 55.000 direct labor to Job 404 $3,000 indirect labor Jobs 402 and 404 are the only units in process at year end. The predetermined overhead rate is 150% of direct labor cost Problem 15-2A Part 1 a. Direct materials costs to Work in Process Inventory b. Direct labor costs to Work in Process Inventory c. Overhead costs to Work in Process Inventory d. Indirect materials costs to the Factory Overhead account e. Indirect labor costs to the Factory Overhead account Required: 1. Prepare journal entries to assign the above costs Answer is complete and correct. No Transaction Oeneral Journal Credit Debit 12.200 Work in process Inventory Raw materials inventory 12,200 Required information Part 1 of 4 b. Direct labor costs to Work in Process Inwentory c. Overhead costs to Work in Process Inventory d. Indirect materials costs to the Factory Overhead account e. Indirect labor costs to the Factory Overhead account 2.22 points Required: 1. Prepare journal entries to assign the above costs. Answer is complete and correct. No Transaction Credit General Journal Work in process inventory Raw materials inventory Debit 12,200 12,200 Work in process inventory Factory wages payable 13.000 13,000 Work in process inventory Factory overhead 19,500 19,500 Factory overhead 2.100 Raw materials inventory 2.100 Factory overhead Factory wages payable 3,000 3.000 Required information Problem 15-2A Part 2 Part 2 of 4 2.1 Determine the revised balance of the Factory Overhead account after making the entries in part 1 using T-accounts. Determine whether there is any under- or overapplied overhead for the year. 2.22 points Overhead applied Revised Factory Overhead account Ending balance from trial balance Indirect materials Indirect labor e eBook Underapplied overhead Print References 2.2 Prepare the adjusting entry to allocate any over. or underapplied overhead to Cost of Goods Sold, assuming the amount is not material. View transaction list View journal entry worksheet No Date General Journal Debit Dec 31 Cost of goods sold Factory overhead Check my work Jobs 402 and 404 are the only units in process at year-end. The predetermined overhead rate is 150% of direct labor cost. Part of 4 Problem 15-2A Part 3 3. Prepare a revised trial balance. BERGAMO BAY COMPANY December 31, 2017 Debit Credit Raw materials inventory Work in process inventory Finished goods inventory Factory wagos payable Notes payable Common stock Retained earnings Factory overhead Operating expenses Jobs 402 and 404 are the only process at year-end. The predetermined overhead rate is 150% of direct labor cost Part 4 of 4 Problem 15-2A Part 4 2.24 points 4. Prepare an income statement for 2017 and a balance sheet as of December 31, 2017 Complete this question by entering your answers in the tabs below. Income Statement Balance Sheet Prepare an income statement for 2017. BERGAMO BAY COMPANY References Income Statement For Year Ended December 31, 2017 income Statement Balance Sheet > Check my way Required information Part 4 of 4 Prepare a balance sheet as of December 31, 2017 BERGAMO BAY COMPANY Balance Sheet 2.24 December 31, 2017 Assets Cash Accounts receivable Inventories Raw materials inventory Work in process inventory Finished goods inventory Prepaid ront Total assets Liabilities and equity Accounts payable Factory wages payable Notes payable Total abilities Common stock Retained earnings Total stockholders' equity Total liabities and equity