Thai Bays computer system generated the following trial balance on December 31, 2011. The companys manager knows something is wrong with the trial balance because it does not show any balance for Goods in Process Inventory but does show balances for the Factory Payroll and Factory Overhead accounts. Debit Credit Cash $ 48,000 Accounts receivable 42,000 Raw materials inventory 26,000 Goods in process inventory 0 Finished goods inventory 9,000 Prepaid rent 3,000 Accounts payable $ 10,500 Notes payable 13,500 Common stock 30,000 Retained earnings 87,000 Sales 180,000 Cost of goods sold 105,000 Factory payroll 16,000 Factory overhead 27,000 Operating expenses 45,000 Totals $ 321,000 $ 321,000 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: $ 4,600 direct materials to Job 402 Materials requisition 21-3011: $ 7,600 direct materials to Job 404 Materials requisition 21-3012: $ 2,100 indirect materials Labor time ticket 6052: $ 5,000 direct labor to Job 402 Labor time ticket 6053: $ 8,000 direct labor to Job 404 Labor time ticket 6054: $ 3,000 indirect labor Jobs 402 and 404 are the only units in process at year-end. The predetermined overhead rate is 200% of direct labor cost. Required: 1) Use information on the six source documents to prepare journal entries to assign the following costs. a). Direct materials costs to Goods in Process Inventory. b). Direct labor costs to Goods in Process Inventory. c). Overhead costs to Goods in Process Inventory. d). Indirect materials costs to the Factory Overhead account. e). Indirect labor costs to the Factory Overhead account. 2). Determine the revised balance of the Factory Overhead account after making the entries in part 1. Determine whether there is any under- or overapplied overhead for the year. Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold, assuming the amount is not material. 3). Prepare a revised trial balance. 4). Prepare an income statement for year 2011 and a balance sheet as of December 31, 2011