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Supreme Videos, Inc., produces short musical videos for sale to retail outlets. The company's balance sheet accounts as of January are given below $ 65,000 104,000 32,000 47.000 83,000 Supreme Videos, Inc. Balance Sheet January 1 Assets Current assets: Cash Accounts receivable Inventories: Raw materials (film, costumes) Videos in process Finished videos awaiting sale Prepaid insurance Total current assets Studio and equipment Less accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Capital stock Retained earnings Totallibilities and stockholders' equity 162,000 9,400 340,400 734.000 212,000 522.000 5862,400 $168.400 $422,000 94 5862.400 Because the videos differ in length and in complexity of production, the company uses a job-order costing system to determme 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 $287.000 in manufacturing overhead for an estimated allocation base of 7000 camera-nours. The following transactions occurred during the year, $ 65,00 184,000 Supreme Videos, Inc. Balance Sheet January 1 Assets Current assets! Cash Accounts receivable Inventories: Raw materials (film, costumes) Videos in process Finished videos awaiting sale Prepaid insurance Total current assets Studio and equipment Less accumulated depreciation Total assets Liabilities and stockholders Equity Accounts payable Capital stock ketained earnings Total liabilities and stockholders equity $ 32,000 47,000 83,000 162,000 9,400 340,480 734, eee 212,000 522, eee $862, 480 $168.400 $422,082 694, Dee 5862,400 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 $287.000 in manufacturing overhead for an estimated allocation base of 7,000 camera-hours. The following transactions occurred during the year. a Film, costumes, and similar raw materials purchased on account. $187.000 b. Film, costumes, and other raw materials used in production, $202,000 (85% of this matertal was considered direct to the videos in production, and the other 15% was considered Indirect). c. Utility costs incurred on account in the production studio, $74.000, d. Depreciation recorded on the studio, cameras, and other equipment, $86,000 Three-fourths of this depreciation related to production of the videos, and the remainder related to equipment used in marketing and administration e Advertising expense incurred on account, $132,000 1 Gosts for salaries and wages were incurred on account as follows: 5 44, Direct labor (actors and directors) Indirect labor (carpenters to build tets. costume designers, and so forth Adelinistrative salaries 5 112.000 3. 9,000 MO g. Prepaid insurance expired during the year. $7.200 (80% related to production of videos, and 20% related to marketing and administrative activities) h. Miscellaneous marketing and administrative expenses incurred on account. $8.800 i Studio (manufacturing) overhead was applied to videos in production The company used 7,250 camere hours during the year Videos that cost $552,000 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 $929.000 and were all on account the total cost to produce these videos according to their job cost Sheeto was $502.000 Collections from customers during the year totaled 5852.000 m Payments to suponers on account during the year. $502000: payments to employees for planes and wages. $287.000 $ $ 84,000 Direct labon (actors and directors) Indirect labor carpenters to build sets, costume designers, and so forth) Administrative salaries $ 112, eee $ 97, see Prepare a T-account for each account on the company's balance sheet and enter the beginning balances. Record the transactions dir accounts. Cash Accounts Receivable Beg Bal Beg Bal End. Bal End. Bal. Raw Materials Prepaid Insurance Beg Bal Beg Bal End. Bal End Bal Videos in Process Finished Goods Beg Bali Beg Bal End Bal End Bal Studio and Equipment Accumulated Depreciation Beg Bal Beg Bal End Sal End Sal Studio Overhead Depreciation Expense Beg Bal BON Er Is the Studio (manufacturing) Overhead account underapplied or overapplied for the year? Manufacturing overhead was by for the year Prepare a schedule of cost of goods manufactured. Supreme Videos, Inc. Schedule of Cost of Goods Manufactured Direct materials Total raw materials available Raw materials used in production Total manufacturing costs Cost of goods manufactured Prepare a schedule of cost of goods sold. Supreme Videos, Inc. Schedule of Cost of Goods Sold Prepare an income statement for the year. SUPREME VIDEOS, INC. Income Statement For the Year Ended December 31 Selling and administrative expenses