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Please help!!! I did as much as I can but cant figure out the rest ! THANK YOU!!!! Star Videos, Incorporated, produces short musical videos

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Please help!!! I did as much as I can but cant figure out the rest ! THANK YOU!!!!

Star Videos, Incorporated, produces short musical videos for sale to retail outlets. The company's balance sheet accounts as of January 1 are given below. Assets Cash Accounts receivable. Inventories: Star Videos, Incorporated Balance Sheet January 1 Raw materials (film, costumes) Videos in process Finished videos awaiting sale Prepaid insurance Studio and equipment (net) Total assets Liabilities and Stockholders' Equity Accounts payable Retained earnings. Total liabilities and stockholders' equity $ 35,600 49,000 82,600 $ 76,200 104,200 167,200 8,500 595,000 $ 951,100 $ 238,000 713,100 $ 951,100 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, $204,500. b. Film, costumes, and other raw materials issued to production, $232,000 (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, $93,200. d. Depreciation recorded on the studio, cameras, and other equipment, $107,600. 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), $134,000. f. Salaries and wages paid in cash as follows: Direct labor (actors and directors) Indirect labor (carpenters to build sets, costume designers, and so forth) Administrative salaries $ 92,800 $ 71,000 $ 95,400 g. Prepaid insurance expired during the year, $7,600 (70% related to production of videos, and 30% related to marketing and administrative activities). h. Miscellaneous marketing and administrative expenses incurred (on account), $11,550. i. 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 $546,000 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 $954,000 and were all on account. 1. The total cost to produce the videos that were sold according to their job cost sheets was $589,670. m. Collections from customers during the year totaled $904,000. n. Payments to suppliers on account during the year, $558,000. o. Underapplied or overapplied overhead $_?_____. 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare a transaction analysis that records all of the above transactions. (Amounts to be deducted should be indicated by a minus sign.) Star Videos, Incorporated Transaction Analysis For the Year Ended December 31 Beginning balance @1/1 (a) Raw material purchases (b) Raw materials used fel Utility conte (c) Utility costs (d) Depreciation (d) | Depreciation charges (e) Advertising to Catrice (f) | Salaries & wages (g) Prepaid insurance (h) Miscellaneous marketing Applied To (1) Applied overhead EL (1) Transfer completed videos to finished goods E (k) Sales (1) Transfer finished goods to cost of goods sold (m) Cash collections from customers (n) Payment to suppliers (0) Ending balances @ 12/31 $ $ Cash 76,200 $ (259,200) Accounts Receivable 904,000 (558,000) 104,200 $ 954,000 Raw Materials (904,000) 163,000 $ 154,200 $ Videos in Process 35,600 $ 204,500 (232,000) 8,100 49,000 S 92,800 (546,000) Finished Goods Studio & Equipment (net) 8,500 $ 595,000 = Prepaid Insurance $ (107,600) = K = $ 487,400 = Accounts Payable $ 238,000 $ 204,500 93,200 Retained Earnings (558,000) 713,100 954.000 (589,670) Required 1 Required 2 Prepare a schedule of cost of goods manufactured for the year. Star Videos, Incorporated Schedule of Cost of Goods Manufactured For the Year Ended December 31 Beginning videos in process Direct materials: Beginning raw materials inventory Required 3 Required 4 Total manufacturing costs added to production Total manufacturing costs to account for Cost of goods manufactured $ 0 0 0 Required 1 Required 2 Required 3 Required 4 Prepare a schedule of cost of goods sold for the year. Star Videos, Incorporated Schedule of Cost of Goods Sold For the Year Ended December 31 Beginning finished videos inventory Cost of goods manufactured Cost of goods available for sale Less: Ending finished videos inventory Unadjusted cost of goods sold Less: Overapplied overhead Adjusted cost of goods sold $ $ 82,600 546,000 628,600 628,600 628,600 Required 1 Required 2 Required 3 Required 4 Prepare an income statement for the year. Star Videos, Incorporated Income Statement For the Year Ended December 31 $ Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income $ 954,000 954,000 954,000

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