Star Videok, inc, produces short musical videos for sale to retall ourtets. The company's balance sheet accounts as of January 1 are given bolow. Because the videos differ in length and in complexty of production, the comparty uses a job-order costing system io dortormino the cost of each video produced Studio (manufacturing) overhead is charged to videos on the basis of camera-hours of actovity. The company's predetermined overhead rate for the year i $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 simllar raw materlals purchased on accourt, $183,000. b. Film, costumes, and other raw materials issued to production, $226,000 (85\% of this materlai was constdered direct to the videos in production, and the other 15% was considered indirect). c. Utility costs incurred (on account) in the productuon studio, $84,000. d. Depreclavion recorded on the studio, cameras, and other equipment $102800. Three-fourths of this depreclason related to actual production of the videos, and the remainder related to equipment used in marketing and administration. e. Advertising expense incurred fon account), $150,500. t. Salarles and wager paid in cash as follows: 9. Prepaid insurance explred during the yest, $7,250 (70\% related to production of videos, and 30% relared to marketing and administratuve actuvites). h. Mrcellaneous markeong and administrattve expenses incurred fon account), $13,950. the year. I. Videos that cost $572,000 to produce according to thes job cost sheets were trarsferred to the finiched videos warehouse to awah sale and shipment. k Sales for the year totaled $1,032,000 and were all on account. 1 The total cost to produce the videos that were sold according to their job cost sheots was $617,490. m. Collections from customers during the year totaled $982,000. in. Payments to suppliers on account during the year, $57,000. o. Underappled or overapplied overhead $.? Required: 1. Prepare a transaction analysis that rocords all of the above transactions. 2 Prepare a schedule of cost of goods manifactured for the yoar?' 3. Prepare a schedula of cost of goods sold for the yeat. 4. Prepare an income statement for the year