Save 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 $ 84,000 123,00 $ 51,00 20.000 102, 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 abilities and stockholders equity 173,000 13,200 393,200 222,600 231.00 $41,00 $934,200 5. 13.20 $518, 291,000 01. $ 34,200 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 $225,000 in manufacturing overnead for an estimated allocation base of 5.000 camero-hours. The following transactions occurred during the year a Film, costumes, and similar raw materials purchased on account. $206,000 Cinta AOE HAR