2-3A (Algo) 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 Prepaid rent Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Accounts payable Debit $ 66,000 35,000 Credit 22,500 e 15,000 5,000 $8,600 Notes payable 11,600 Common stock. 50,000 Retained earnings (prior year) 93,000 Sales 150, 300 Cost of goods sold 101,000 Factory overhead 27,000 General and administrative expenses 42,000 Totals $313,500 $313,500 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: $ 4,400 direct materials to Job 402 $ 7,600 direct materials to Job 404 $ 1,900 indirect materials $ 5,000 direct labor to Job 402 $ 15,000 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 Problem 2-3A (Algo) Part 1 Problem 2-3A (Algo) Part 1 a. Direct materials. b. Direct labor c. Overhead applied. d. Indirect materials. e. Indirect labor Required: 1. Use the document information above to prepare journal entries for the above costs. View transaction list Journal entry worksheet 1 2 3 4 5 Record direct materials used for Jobs 402 and 404. Note: Enter debits before credits. Transaction a General Journal Debit Credit Record entry Clear entry View general journal