Please help me with all answers thanku [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 managerknows 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.CashAccounts receivableRaw materials inventoryWork in process inventoryFinished goods inventoryPrepaid rentAccounts payableNotes payableCommon stockRetained earnings (prior year)SalesCost of goods soldFactory overheadGeneral and administrative expensesTotals:Debit$ 71,00040,00025,000812,0004,000102,00025,00040,000$ 319,000Credit$ 10,80013,80040,00091,000163,400$ 319,000These 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:$ 4,500 direct materials to Job 402$ 7,600 direct materials to Job 404$ 1,800 indirect materials$ 4,000 direct labor to Job 402Labor time ticket 53:Labor time ticket 54:$ 16,000 direct labor to Job 404$5,000 indirect laborJobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 100% of direct labor cost. 2-a. In Factory Overhead T-account, enter amounts from part 1 related to factory overhead. Determine the amount of over- orunderapplied overhead.2-b. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold.Complete this question by entering your answers in the tabs below.Req 2AIn Factory Overhead T-account, enter amounts from part 1 related to factory overhead Determine the amount of over- orunderapplied overhead.Req 28Actual overhead (given)Req 2AReq 28View transaction list<Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold.Journal entry worksheet1Factory OverheadRecord the entry to allocate any overapplied or underapplied overhead.Note: Enter debits before credits.DateDecember 31Record entryGeneral JournalCashAccounts receivableRaw materials inventoryWork in process inventoryFinished goods inventoryPrepaid rentAccounts payableFactory wages payableNotes payableCommon stockRetained earnings (prior year)SalesCost of goods soldFactory overheadGeneral and administrative expensesTotalsBERGO BAY COMPANYList of Account BalancesDecember 31Clear entryReq 28 >Debit3. Prepare a revised list of account balances as of December 31. Hint: Use the prior year's Retained Earnings balance of $91,000 in thisist.CreditDebitCreditView general journal

All direct costs and overhead applied not recorded is part of product cost and hence will become…

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 Factory overhead General and administrative expenses Totals Debit $ 71,000 40,000 25,000 0 12,000 4,000 Materials requisition 10: Materials requisition 11: Materials requisition 12: Labor time ticket 52: Labor time ticket 53: Labor time ticket 54: Credit $ 10,800 13,800 40,000 91,000 163,400 102,000 25,000 40,000 $ 319,000 $ 319,000 These six documents must be processed to bring the accounting records up to date. $ 4,500 direct materials to Job 402 $7,600 direct materials to Job 404 $ 1,800 indirect materials $ 4,000 direct labor to Job 402 $ 16,000 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 100% of direct labor cost.

10th Edition

ISBN:9781337619202

Author:Hall, James A.

Publisher:Hall, James A.

Chapter2: Introduction To Transaction Processing

Section: Chapter Questions

Problem 21MCQ