Please help. Need this answered w

Current assets:

Cash $82,000

Accounts receivable $121,000

Inventories:

Raw materials $49,000

Videos in process $22,000

Finished videos awaiting sale $100,000 $ 171,000

Prepaid insurance $12,800

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Total current assets $ 386,800

Studio and equipment $768,000

Less accumulated depreciation $229,000 $539,000

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Total assets $925,800

Liabilities and Stockholders' Equity:

Accounts payable $128,800

Capital stock $508,000

Retained earnings $289,000 $797,000

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Total liabilities and stockholders' equity $925,800

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 companys predetermined overhead rate for the year is based on a cost formula that estimated $360,000 in manufacturing overhead for an estimated allocation base of 9,000 camera-hours. The following transactions occurred during the year:

1. Film, costumes, and similar raw materials purchased on account, $204,000.
2. Film, costumes, and other raw materials used in production, $219,000 (75% of this material was considered direct to the videos in production, and the other 25% was considered indirect).
3. Utility costs incurred on account in the production studio, $91,000.
4. Depreciation recorded on the studio, cameras, and other equipment, $103,000. Three-fourths of this depreciation related to production of the videos, and the remainder related to equipment used in marketing and administration.
5. Advertising expense incurred on account, $149,000.
6. Costs for salaries and wages were incurred on account as follows:

Direct Labor (actors and directors) = $101,000

Indirect labor (carpenters to build sets, costume designers...etc.) = $129,000

Asministrative saslaries = $114,000

1. Prepaid insurance expired during the year, $8,900 (70% related to production of videos, and 30% related to marketing and administrative activities).
2. Miscellaneous marketing and administrative expenses incurred on account, $10,500.
3. Studio (manufacturing) overhead was applied to videos in production. The company used 9,500 camera-hours during the year.
4. Videos that cost $569,000 to produce according to their job cost sheets were transferred to the finished videos warehouse to await sale and shipment.
5. Sales for the year totaled $963,000 and were all on account. The total cost to produce these videos according to their job cost sheets was $619,000.
6. Collections from customers during the year totaled $869,000.
7. Payments to suppliers on account during the year, $519,000; payments to employees for salaries and wages, $326,000.

Required:

1. Prepare a T-account for each account on the companys 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?

4. Prepare a schedule of cost of goods manufactured.

5. Prepare a schedule of cost of goods sold.

Prepare a schedule of COGS.