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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 1, are given below. $ 67,000 106,000 $ 34,000 30,000 85,000 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 Total liabilities and stockholders' equity 149,000 9,800 331,800 738,000 214,000 524,000 $855,800 $157,800 $424,000 274,000 698,000 $855,800 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 is based on a cost formula that estimated $352,000 in manufacturing overhead for an estimated allocation base of 8,000 camera-hours. The following transactions occurred during the year: a. Film, costumes, and similar raw materials purchased on account. $189.000. b. Film, costumes, and other raw materials used in production, $204,000 (80% of this material was considered direct to the videos in production, and the other 20% was considered indirect). c. Utility costs incurred on account in the production studio, $76,000. d. Depreciation recorded on the studio, cameras, and other equipment, $88,000. 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, $134,000. f. Costs for salaries and wages were incurred on account as follows: $ 86,000 Direct labor (actors and directors) Indirect labor (carpenters to build sets, costume designers, and so forth) Administrative salaries $ 114,000 $ 99,000 g. Prepaid insurance expired during the year, $7,400 (75% related to production of videos, and 25% related to marketing and administrative activities). h. Miscellaneous marketing and administrative expenses incurred on account, $9,000. i. Studio (manufacturing) overhead was applied to videos in production. The company used 8,200 camera-hours during the year. j. Videos that cost $554,000 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 $933,000 and were all on account. The total cost to produce these videos according to their job cost sheets was $604,000. I. Collections from customers during the year totaled $854.000. m. Payments to suppliers on account during the year, $504,000; payments to employees for salaries and wages, $289,000. Required: 1. Prepare a T-account for each account on the company's balance sheet and enter the beginning balances. 2. Record the transactions directly into the T-accounts. Key your entries to the letters (a) through (m) above. 3. Is the Studio (manufacturing) Overhead account underapplied or overapplied for the year? By how much? 4. Prepare a schedule of cost of goods manufactured. 5. Prepare a schedule of cost of goods sold. 6. Prepare an income statement for the year. Req 1 and 2 Req3 Req 4 Req 5 Req 6 Prepare a T-account for each account on the company's balance sheet and enter the beginning balances. Record the transactions directly into the T- accounts. Beg. Bal. Cash 67,000 854,000 Beg. Bal. k. Accounts Receivable 106,000 933,000 854,000 793,000 m. End. Bal. 128,000 End. Bal. 185,000 Beg. Bal. Raw Materials 34,000 189,000 204,000 b. Beg. Bal. Prepaid Insurance 9,800 7,4009 End. Bal. 19,000 End. Bal. 2,400 Beg. Bal. Beg. Bal. Videos in Process 30,000 163,200 554,000 86,000 360,800 Finished Goods 85,000 554,000 604,000 tk. End. Bal. 35,000 End. Bal. 86,000 Studio and Equipment 738,000 Beg. Bal. Beg. Bal. Accumulated Depreciation 214,000 88,000 d. End. Bal. 302,000 End. Bal. 738,000 Studio Overhead Depreciation Expense Beg. Bal. 3 60,800. 22,000 Beg. Bal. b. c. d. 40,800 76,000 66,000 114,000 5,550 End. Bal. 22,000 [ g. End. Bal. L 58,450 Insurance Expense Advertising Expense Beg. Bal. Beg. Bal. g. 1,850 134,000 L 1,850 134,000 Miscellaneous Expense Administrative Salaries Expense Beg. Bal. h. Beg. Bal. f. 9,000 99,000 9,000 End. Bal. 99,000 Cost of Goods Sold Sales Beg. Bal. Beg. Bal. 604,000 933,000K End. Bal. 604,000 End. Bal. 933,000 Salaries & Wages Payable Beg. Bal. Beg. Bal. m. 289,000 Accounts Payable 157,800 504,000 189,000 a. 76,000 C. 134,000 e. 9,000 h. End. Bal. 289,000 End. Bal. 61,800 Capital Stock Retained Earnings 274,000 Beg. Bal. Beg. Bal. 424,000 End. Bal. 274,000 End. Bal. 424,000 Supreme Videos, Inc. Schedule of Cost of Goods Manufactured Direct materials: Beginning raw materials inventory $ 34,000 Add: Purchases of raw materials 189,000 Total raw materials available 223,000 Less: Ending raw materials inventory 19,000 Raw materials used in production 204,000 Less: Indirect materials Manufacturing overhead applied to work in process 34,000 X Total manufacturing costs Add: Beginning work in process inventory 189,000 X 189,000 Less: Ending work in process inventory Cost of goods manufactured Req 1 and 2 Req3 Req 4 Req 5 Req 6 Prepare a schedule of cost of goods sold. Supreme Videos, Inc. Schedule of Cost of Goods Sold