Required information Problem 2-3A (Static) Computing and recording job costs; preparing income statement and balance sheet LO P1, P2, P3, P4 The following information applies to the questions displayod bolow] Bergo Bay's accounting system generated the following account balances on December 31. The company/s manteger knows something is wrong with this list of balances because it does not show any balance for Work in Process imventory, and the accrued factory payroll (Factory Wages Payabile) has not been recorded These six documents must be processed to bring the accouming rocords up to date. 4. Prepare an income statement for the year and a balonce sheet as of December 31 . Hint Retained eamings is $356,800 at the end of the current year. 5. Assume that the $5,600 on materials requisition 12 should have been direct materials charged to Job 404 . Does this error result in overstatement or understatement of total assets? Complete this question by entering your answers in the tabs below. Prepare an income statement. 4. Prepare an income statement for the year and a balance sheet as of December. 31 . Hint Retained earnings is 5356,800 at the end of the current yeat. 5. Assume that the $5,600 on materials requisition 12 should have been direct materials charged to Job 404 , Does this error resurt in overstatement or undersatement of total assets? Complete this question by entering your answers in the tabs below. Assume that the $5,600 on materials requisition 12 should have been direct materials charged to 100404 , Dces this error result in overstotement or understatement of total assets on the balance sheet at December 31