Becsuase the videos differ in length snd in complexity of production, the compony uses s job-order costing system to determine the cost of each video produced. Studio (menufacturingl overhead is charged to videos on the bosis af camera-hours of activity. The compony's predetermlned overhesd rate for the year is bssed on s cost formuls that estimated $560,000 in msnufiscturlng averhesd for sn estimated slocstion bsse of 9,000 csmers hours. The following transactions accurred during the year: a. Film, costumes, and simlor row materisls purchssed on sccount, $204,000 b. Film, costumes, and other row materisls used In production, $219,000 (75\% of this materisl was considered direct to the videos in production, and the other 25% was conaldered Indirectl. c. Utelity costs incurred in the production studio, $91000. d. Deprecistion recorded an the studia, camerss, snd other equipment, $103,000. Three-fourths of this depreciatlan related to production of the videos, snd the remsinder relsted to equipment used in marketing snd adminlatration. e Advertiaing expense incurred on scoount, $149,000 i Costs for salaries and woges were incurred as follows: 9. Prepsid ineurance expled during the year, $8,900 (70\% related to prociuction of videos, snd 30% related to marketing and aciministrattive sctivities]. h. Miscellaneous marketing and sdminlatrotive expenses incurred, $10,500 L.Studio (manufacturing) owerhead wos appled to vdeos in production. The compsny used 9,500 camera-hours during the yesr. f - Videos that cost $569,000 to produce according to their job cost sheets were transferred to the finlahed videos warehouse to swalt sole snd shipment. k Soles for the yesr totsled $963,000 and were sll on sccount. The tatal cost to produce these videca sccorcing to their job coat sheets wos $619,000. LCollections from customers during the yesr totaled $969,000. m. Psymerts to suppliers on account during the yesr, \$519,000; poyments to employees for sslaries snd wsges, $326,000 Required: 1. Prepare s T-sccount for esch sccount on the compony's bslsnce sheet and enter the beginning bolances. 2 Record the transsctions clirectly into the T-accounts. Key your entries to the letters (s) through (m) sbove. 3. la the Studio (msnufiacturing) Overhead sccount underspplied or overspplied for the year? By how much? 4. Prepare sachedule of coat of gooda manufactured. 5. Prepare s schedule of cost of goods sold. 6. Prepare on licome statement for the year. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Prepare a schedule of cost of goods manufactured. Complete this question by entering your answers in the tabs below. Prepare a schedule of cost of goods sold. Complete this question by entering your answers in the tabs below. Prepare an income statement for the year. Becsuase the videos differ in length snd in complexity of production, the compony uses s job-order costing system to determine the cost of each video produced. Studio (menufacturingl overhead is charged to videos on the bosis af camera-hours of activity. The compony's predetermlned overhesd rate for the year is bssed on s cost formuls that estimated $560,000 in msnufiscturlng averhesd for sn estimated slocstion bsse of 9,000 csmers hours. The following transactions accurred during the year: a. Film, costumes, and simlor row materisls purchssed on sccount, $204,000 b. Film, costumes, and other row materisls used In production, $219,000 (75\% of this materisl was considered direct to the videos in production, and the other 25% was conaldered Indirectl. c. Utelity costs incurred in the production studio, $91000. d. Deprecistion recorded an the studia, camerss, snd other equipment, $103,000. Three-fourths of this depreciatlan related to production of the videos, snd the remsinder relsted to equipment used in marketing snd adminlatration. e Advertiaing expense incurred on scoount, $149,000 i Costs for salaries and woges were incurred as follows: 9. Prepsid ineurance expled during the year, $8,900 (70\% related to prociuction of videos, snd 30% related to marketing and aciministrattive sctivities]. h. Miscellaneous marketing and sdminlatrotive expenses incurred, $10,500 L.Studio (manufacturing) owerhead wos appled to vdeos in production. The compsny used 9,500 camera-hours during the yesr. f - Videos that cost $569,000 to produce according to their job cost sheets were transferred to the finlahed videos warehouse to swalt sole snd shipment. k Soles for the yesr totsled $963,000 and were sll on sccount. The tatal cost to produce these videca sccorcing to their job coat sheets wos $619,000. LCollections from customers during the yesr totaled $969,000. m. Psymerts to suppliers on account during the yesr, \$519,000; poyments to employees for sslaries snd wsges, $326,000 Required: 1. Prepare s T-sccount for esch sccount on the compony's bslsnce sheet and enter the beginning bolances. 2 Record the transsctions clirectly into the T-accounts. Key your entries to the letters (s) through (m) sbove. 3. la the Studio (msnufiacturing) Overhead sccount underspplied or overspplied for the year? By how much? 4. Prepare sachedule of coat of gooda manufactured. 5. Prepare s schedule of cost of goods sold. 6. Prepare on licome statement for the year. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Prepare a schedule of cost of goods manufactured. Complete this question by entering your answers in the tabs below. Prepare a schedule of cost of goods sold. Complete this question by entering your answers in the tabs below. Prepare an income statement for the year