Star Videos, Inc.. produces short musical videos for sale to retail outleto. The company's balance sheet accounts as of January 1 are given below SV. I Balance Sheet Bonuary 2 Ats $ 87,400 107,280 $15,200 54,600 94.480 Accounts receivable Inventories: Raw waterials (F11, costunes) Videos in process Finished Videos waiting sale Prepaid insurance Studio and equipment (net) Total assets Lilities and Stockholders' Equity Accounts payable Retained earnings Total liabilities and stockholders' equity 164, see 11, 150 582, Ged $952,55 $ 231,800 721,558 $952,552 Because the videos differ in length and in complexity of production, the company uses a fob-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) ts based on a cost formula that estimated $280,000 in manufacturing overhead for an estimated allocation base of 7,000 camers-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, $199.000. b. Film, costumes, and other raw materials issued to production, $207,000 (85% of this material was considered direct to the videos in production, and the other 15% was considered Indirect). Utility costs incurred (on account in the production studio. $78,800. d Depreciation recorded on the studio, cameras, and other equipment $114,000. Three-fourths of this depreciation related to actual production of the videos, and the remainder related to equipment used in marketing and administration e Advertising expense incurred on account. S179,000. Salaries and wages pald in cosh as follows: DINT Labor (actors and directors) Indirect labor (carpenters to build sets, costume designers, and so forth) Administrative salarius $ 91,288 $83,586 $112,200 g. Prepaid Insurance expired during the year, $9.300 (70% related to production of videos, and 30% related to marketing and samtnistrative activities. Iz Miscellaneous marketing and administrative expenses incurred on accounts, $10.650. Studio (manufacturing overhead was applied to videos in production. The company recorded 7.250 camera-hours of actvity during the year I Videos that cost $538,000 to produce according to their job cost sheets were transferred to the finished videos warehouse to wait sale and shipment So es for the yer totaled $948,000 and were all on account. Tre tots cost to produce the videos that were sole according to their job cost sheets was $59.110. m Collections from customers during the year totales $899.000 Payments to suppliers on account during the year. $584.000. o Unse apped or overspplies overhess $_3_ Required: 1. Prepare a transaction analysts that records all of the sbove transactions 2. Prepares schedule of cost of goods manufactures for the year 3. Prepare a schedule of cost of goods sold for the year. 4. Prepare an income statement for the yes Complete this question by entering your answers in the tabs below. Rua 4 Prepare a transaction analyses that corda all of the above transactions, Amounts to be deducted should be in barang dan Star Videos Direct labor (actors and directors) Lidirect labor (carpenters to build sets, costume designers, and so forth) Administrative salaries $ 91,280 $83.560 $112,280 g. Prepald Insurance expired during the year. $9,300 (70% related to production of videos, and 30% related to marketing and administrative activities). h Miscellaneous marketing and administrative expenses incurred (on account). $10,650. L Studio (manufacturing) overhead was applied to videos in production. The company recorded 7.250 camera tours of activity during the year Videos that cost $530,000 to produce according to their job cost sheets were transferred to the finished videos warehouse to awalt sale and shipment k Sales for the year totaled $948,000 and were all on account. L The total cost to produce the videos that were cold according to their job cost sheets was $581,110. m Collections from customers during the year totaled $898,000. n. Payments to suppliers on account during the year, $584,000. e. Underapplied or overapplied overhead $_3_ Required: 1. Prepare a transaction analysis that records all of the above transactions. Z Prepare a schedule of cost of goods manufactured for the year. 3. Prepare a schedule of cost of goods sold for the year. 4. Prepare an income statement for the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare a transaction analysis that records all of the above transactions. (Amounts to be deducted should be indicated by a minus sian.) Star Videos, ino. Trangotion Analyvis For the Year Ended Dsember 81 Cach Accounts Reolvabla Raw Materials Videot in PTGOOSE Finished Goods Manufaoturing Overhead Studio & Prepaid Equipment Ingurano (nat) 3 11.150 5 582.0001 Adopunts Rolained Payable Esming 5 231.000 $ 721.580 5 87.400 5 107.2005 15.800 5 54,600 5 92 4001 Beginning balance 1/1 Raw materia purchases be Raw materials iked Hailey Depreciation charges levertising H & wages Prepadno in Mecellanea marketing IDEApplied overnand Transfer comiated Videos in shed goods PiSales Lateefsnac good actor gods can collections from listomers 100 Ending 201