Problem 3-17 (Algo) Cost Flows; T-Accounts; Income Statement [LO3-2, LO3-3, LO3-4) 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 $ 83,000 122,000 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 $ 50,000 23,000 101,888 770,000 230,000 174,000 13,000 392,000 540,000 $932, 800 5 $133,000 $509,000 290,000 799,000 $932,600 Because the videos differ in lengt) 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 $240,000 in manufacturing overhead for an estimated allocation base of 6,000 camera-hours. The following transactions occurred during the year Problem 3-17 (Algo) Cost Flows; T-Accounts; Income Statement [LO3-2, LO3-3, LO3-4) 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 $ 83,000 122,000 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 $ 50,000 23,000 101,888 770,000 230,000 174,000 13,000 392,000 540,000 $932, 800 5 $133,000 $509,000 290,000 799,000 $932,600 Because the videos differ in lengt) 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 $240,000 in manufacturing overhead for an estimated allocation base of 6,000 camera-hours. The following transactions occurred during the year