15-3A (Static) Computing and recording job costs; preparing income statement and balance sheet LO P1, P2, P3, P4 [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. 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 Debit $170,000 Credit 75,000 80,000 8 15,000 3,000 $ 17,000 25,000 50,000 271,000 373,000 Factory overhead General and administrative expenses 218,000 115,000 60,000 $ 736,000 $ 736,000 Totals. 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: $ 10,200 direct materials to Job 402 $18,600 direct materials to Job 404 $5,600 indirect materials $ 36,000 direct labor to Job 402 $ 23,800 direct labor to Job 404 $ 8,200 indirect labor Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 200% of direct labor cost. C ces 4. Prepare an income statement for the year and a balance sheet as of December 31. Hint: Retained earnings is $356,800 at the end of the current year. 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 $ 170,000 75,000 95,000 Cash Accounts receivable Gross profit Factory overhead Notes payable Net income 25,000 $ 70,000 Income Statement Balance Sheet > Cash Accounts receivable BERGO BAY COMPANY Balance Sheet As at December 31 Assets Raw materials inventory Work in process inventory Finished goods inventory Total assets Notes payable Accounts payable Factory overhead Inventories 0 $ 0 Liabilities Total liabilities 0 Equity Common stock Retained earnings Total equity Total liabilities and equity 0 $