Because the videos differ in length and in complexity of production, the company uses a job-order costing system to determine the cost of each video produced. Studio (manufacturing) overhead is charged to videos on the basis of camera-hours of activity. The company's predetermined overhead rate for the year is based on a cost formula that estimated $360,000 in manufacturing overhead for an estimated allocation base of 8,000 camera-hours. The following transactions were recorded for the year a. Film, costumes, and similar raw materials purchased on account, $196,000 b. Film, costumes, and other raw materials issued to production, $211,000 (70% of this material was considered direct to the videos in production, and the other 30% was considered indirect) c. Utility costs incurred in the production studio, $83,000 d. Depreciation recorded on the studio, cameras, and other equipment, $95,000. Three-fourths of this depreciation related to actual production of the videos, and the remainder related to equipment used in marketing and administration. e. Advertising expense incurred, $141,000 fCosts for salaries and wages were incurred as follows Direct labor (actors and directors) Indirect labor (carpenters to build sets costume designers, and so forth) Administrative salaries $ 93,000 $121,000 $106,000 g. Prepaid insurance expired during the year, $8,100 (70% related to production of videos, and 30% related to marketing and administrative activities). h. Miscellaneous marketing and administrative expenses incurred, $9,700 i. Studio (manufacturing) overhead was applied to videos in production. The company recorded 8,200 camera-hours of activity during the year. j. Videos that cost $561,000 to produce according to their job cost sheets were transferred to the finished videos warehouse to await sale and shipment k. Sales for the year totaled $947,000 and were all on account. The total cost to produce these videos according to their job cost sheets was $611,000 I. Collections from customers during the year totaled $861,000 m.Payments to suppliers on account during the year, $511,000; payments to employees for salaries and wages, $302,000 Required 1&2.Prepare a T-account for each account on the company's balance sheet, and enter the beginning balances. Make an entry directly into the T-accounts for transactions (a) through (m)