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These six documents must be processed to bring the accounting records up to date. Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 150% of direct labor cost. 4. Prepare an income statement foc the year and a balance sheet as of December 31 . Hint: Retained earnings is $118,600 at the end of the current year. 5. Assume that the $1,800 on materials requisition 12 should have been direct materials charged to Job 404 . Does this error result in overstatement of understatement of total assets? Complete this question by entering your answers in the tabs below. Prepare a balance sheet as of December 31 . Bequirved indernation These 2 documents must be procossed to being the accounting records ip to date. Jobs 402 and 404 are the only jobs in process at yew-end. The predetermined overhesd rate is t5ox, of direct iabor cost: 4. Prepace an income staterhent for the year and a balance sheet as of December 3t. Hint Retained earnings is $178600 at the end of the current yoat. 5. Assume that the $1800 on materiais requsition t2 should have been direct materials charged to Job 404 . Does this entor result in overntatement or understatement of total asuets? Cemplete this question by entering wour answers in the tabs below

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