{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. Credit Debit $ 78,000 47,000 28,500 0 12,000 4,000 Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals $ 10, 700 13,700 40,000 87,000 211,100 115,000 27,000 51,000 $ 362,500 $ 362,500 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 $ 7,500 direct materials to Job 404 $ 1,900 indirect materials $ 8,000 direct labor to Job 402 $ 12,000 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. 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 Sales $ 211,100 128,900 X 82,200 51,000 $ 31,200 Income Statement Balance Sheet Prepare a balance sheet as of December 31. BERGO BAY COMPANY Balance Sheet As at December 31 Assets Cash $ Accounts receivable 78,000 47,000 4,000 Prepaid rent Inventories $ 14,200 Raw materials inventory Work in process inventory Finished goods inventory 52,400 X 12,000 78,600 Total assets $ 207,600 Liabilities $ 10,700 Accounts payable Work in process inventory Finished goods inventory x 25,000 13,700 Total liabilities 49,400 Equity Common stock 40,000 118,200 X Retained earnings 158,200 X Total equity 316.400 Total liabilities and equity $ 365 800