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Star Videos, Inc., produces short musical videos for sale to retail outlets. The company's balance sheet accounts as of January 1 are given below. Star Videos, Inc. Balance Sheet January 1 $ 74,600 115,400 Assets Cash Accounts receivable Inventories: Raw materials (film, costumes) Videos in process Finished videos awaiting sale Prepaid insurance Studio and equipment (net) $ 10,000 49,000 88,600 147,600 8,200 588,000 $ 933,800 Total assets Liabilities and Stockholders' Equity Accounts payable Retained eamings Total liabilities and stockholders' equity $ 244,000 689,800 $ 933,800 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 ($40 per camera-hour) is based on a cost formula that estimated $280,000 in manufacturing overhead for an estimated allocation base of 7,000 camera-hours. Any underapplied or overapplied overhead is closed to cost of goods sold. The following transactions were recorded for the year: a. Film, costumes, and similar raw materials purchased on account, $210,500. b. Film, costumes, and other raw materials issued to production, $215,500 (85% of this material 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, $94.800. d. Depreciation recorded on the studio, cameras, and other equipment, $85,200. 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 on account), $174,000. f. Salaries and wages paid in cash as follows: Direct labor (actors and directors) $ 91,200 Indirect labor (carpenters to build sets, costume designers, and so forth) $91,500 Administrative salaries $108,800 g. Prepaid insurance expired during the year, $7.300 (70% related to production of videos, and 30% related to marketing and administrative activities). h. Miscellaneous marketing and administrative expenses incurred on account), $13,550. 1. Studio (manufacturing) overhead was applied to videos in production. The company recorded 7,250 camera-hours of activity during the year. J. Videos that cost $518,000 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 $1,126,000 and were all on account. 1. The total cost to produce the videos that were sold according to their job cost sheets was $559,710. m. Collections from customers during the year totaled $1,076,000. n. Payments to suppliers on account during the year, $605,000. o. Underapplied or overapplied overhead $_2 Required: 1. Prepare a transaction analysis that records all of the above transactions. 2. Prepare a schedule of cost of goods manufactured for the year. 3. Prepare a schedule of cost of goods sold for the year. 4. Prepare an income statement for the year. Required 1 Required 2 Required Required 4 Prepare a transaction analysis that records all of the above transactions. Amounts to be deducted should be indicated by a minus) Star Videos, in Traction Analysis For the Year Ended December Accounts Video in Finished Raw Materiale Manuturing Proce Goods Overhead 74,500 $ 115.400 S 10.000 49.000 58.000 210.500 215.500 183.175 Studio surance Foups fo 3 8.200388,000 5 2440005 6800 (291.500 91200 Beginning balance 111 Raw material purchases how materials used c) Us 00 Depreciation charges (e) Advertising Salaries & was Prepaid insurance Monous moting Applied overhead Transfer completed videos to finished goods Sales 01 Transfer fished goods to cost of goods sold Cash collections from customers Payment to suppliers 220.000 158.000; 818.000 1.126.000 (558.710 1.076.000 (1.076.000 1605,000 Ending balances @ 12/31 254.10023 165400 5.0005 05275 46.220 Required 2 > Required 1 Required 2 Required 3 Required 4 Prepare a schedule of cost of goods manufactured for the year. Star Videos, Inc. Schedule of Cost of Goods Manufactured For the Year Ended December 31 Direct materials: Beginning raw materials inventory Add: Purchases of raw materials Raw materials available Less: Ending raw materials inventory Raw materials used in production 0 es 0 $ 0 Total manufacturing costs added to production Total manufacturing costs to account for 0 Cost of goods manufactured $ 0 Required 1 Required 3 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare a schedule of cost of goods sold for the year. Star Videos, Inc. Schedule of Cost of Goods Sold For the Year Ended December 31 0 0 $ 0 compiele uns questiu Dy entering your answers in the tabs be Required 1 Required 2 Required 3 Required 4 Prepare an income statement for the year. Star Videos, Inc. Income Statement For the Year Ended December 31 0 Net operating income $ 0