Problem 3-17 (Algo) Cost Flows; T-Accounts; Income Statement [LO3-2, LO3-3, LO3-4] Supreme Videos, Incorporated, produces short musical videos for sale to retail outlets. The company's balance sheet accounts as of January 1, are given below. Supreme Videos, Incorporated. 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 5 82,000 121,000 $ 49,000 22,000 100,000 171,000 12,800 386,000 768,000 229,000 539,000 $925,000 $128,800 $ 505,000 289,000 797,000 $925,800 Because the videos differ in length and in complexity of production, the company uses a job-order costing system to determine the