Sta: Videos, incorporated, produces short musical videos for sale to retall outlets. The comparys balance sheet accounts as of January 1 are gven below. Becouse the videos dffler in length and in corpolexity of production, the compary uses a job-order costing system to delermine the cost of each video produced. Studio tmanufecturingl ovehtebd is charged lo videos on the basis of comerathours of activit. The company's predetermined orerhead rate for the year (\$40 per camera.hour) is besed on a cost formule that estimated $280.000 in manufactucing overhead tor an estimeted allocation base of 7,000 camerohours. Any underappled or overappied overhead is closed to cost of goods sold. The following transhetions were recorded for the year: a. Fim, costumes, and similgr raw materiais purchased on account, $198,000 b. Film, costumes, and other taw materials hsued to production, $236,500(85% of this meter ial was considered direct to the videos in production, and the ether is was considered indirect) c. Utily costs incured fon account in the production studio, 595,400. d. Depreciation recorded on the studic, carmeras, and other equipment, $101,200. Three-fourths of this deprecistion related to actual production of the videos, and the remainder related to equipment used in marketing and administration. e. Advertising expense incurred ion eccount, $146.000 1. Selaries and woges paid in cash as follows: Direst latar (ecters ent airecters) Atainiatrative nalarias 5 163,460 70,065 4. 112,400 9. Prepaid imurance expired during the year, $1+00000% related to production of videos, and 305 related to marketing and administrative octivitery n. Miscelaneeus makketing and odministrative expenses incurred ion account 512,950 1. Studio (manitatturingl ovehesd was epplied to videos in production. The compary recorded 7,250 camera hours of activey durng the yesc 1. Videos that cost $596000 to produce according to the job cost sheets were transferred to the finished videos wachouse to a wait sale and shipment k. Sales for the year totaled 51,44,900 and were of on eccount. 1. The told cost to produce the videos that were sold according to their job cost sheets was $632.470 m. Colections from customers during the year totaled $1,064,000 n. Payments to supplern on accoant during the yeat $614,000 o. Undersoptied or overapolied cveriesd \$? ? Reculted: 1. Propbte a transection andysis that rocords all of tha above rymsactions 2. Prepare is schedule of cost of goods mimulactured for the vese. 3. Pregare a schedule of cost of gobdi sold for the yesa 4. Prepare an incorne statement for the year. Ebmplete this questien by entering ytur antmers in the tabs belisa Prepare a schedule of cost of goods manufactured for the year: Complete this question by entering your answers in the tabs below. Prepare a schedule of cost of goods sold for the year. Prepare an income statement for the year. Star Videos, incorporated, produces short musical videos for sale to retail outiets. The company's balance sheet accounts as of January 1 are given below. 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, $198,000. b. Film, costumes, and other raw materials issued to production, $236,500 (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, $95,400. d. Depreciation recorded on the studio, comeras, and other equipment, $101,200. Three-fourths of this depreciation reiated to actual production of the videos, and the remainder related to equipment used in marketing and administration. e. Advertising expense incurred (on account). $146,000 Sta: Videos, incorporated, produces short musical videos for sale to retall outlets. The comparys balance sheet accounts as of January 1 are gven below. Becouse the videos dffler in length and in corpolexity of production, the compary uses a job-order costing system to delermine the cost of each video produced. Studio tmanufecturingl ovehtebd is charged lo videos on the basis of comerathours of activit. The company's predetermined orerhead rate for the year (\$40 per camera.hour) is besed on a cost formule that estimated $280.000 in manufactucing overhead tor an estimeted allocation base of 7,000 camerohours. Any underappled or overappied overhead is closed to cost of goods sold. The following transhetions were recorded for the year: a. Fim, costumes, and similgr raw materiais purchased on account, $198,000 b. Film, costumes, and other taw materials hsued to production, $236,500(85% of this meter ial was considered direct to the videos in production, and the ether is was considered indirect) c. Utily costs incured fon account in the production studio, 595,400. d. Depreciation recorded on the studic, carmeras, and other equipment, $101,200. Three-fourths of this deprecistion related to actual production of the videos, and the remainder related to equipment used in marketing and administration. e. Advertising expense incurred ion eccount, $146.000 1. Selaries and woges paid in cash as follows: Direst latar (ecters ent airecters) Atainiatrative nalarias 5 163,460 70,065 4. 112,400 9. Prepaid imurance expired during the year, $1+00000% related to production of videos, and 305 related to marketing and administrative octivitery n. Miscelaneeus makketing and odministrative expenses incurred ion account 512,950 1. Studio (manitatturingl ovehesd was epplied to videos in production. The compary recorded 7,250 camera hours of activey durng the yesc 1. Videos that cost $596000 to produce according to the job cost sheets were transferred to the finished videos wachouse to a wait sale and shipment k. Sales for the year totaled 51,44,900 and were of on eccount. 1. The told cost to produce the videos that were sold according to their job cost sheets was $632.470 m. Colections from customers during the year totaled $1,064,000 n. Payments to supplern on accoant during the yeat $614,000 o. Undersoptied or overapolied cveriesd \$? ? Reculted: 1. Propbte a transection andysis that rocords all of tha above rymsactions 2. Prepare is schedule of cost of goods mimulactured for the vese. 3. Pregare a schedule of cost of gobdi sold for the yesa 4. Prepare an incorne statement for the year. Ebmplete this questien by entering ytur antmers in the tabs belisa Prepare a schedule of cost of goods manufactured for the year: Complete this question by entering your answers in the tabs below. Prepare a schedule of cost of goods sold for the year. Prepare an income statement for the year. Star Videos, incorporated, produces short musical videos for sale to retail outiets. The company's balance sheet accounts as of January 1 are given below. 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, $198,000. b. Film, costumes, and other raw materials issued to production, $236,500 (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, $95,400. d. Depreciation recorded on the studio, comeras, and other equipment, $101,200. Three-fourths of this depreciation reiated to actual production of the videos, and the remainder related to equipment used in marketing and administration. e. Advertising expense incurred (on account). $146,000