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 Supreme videos, Ino Balance Sheet January Assets Current assets: Cash Accounts receivable Inventories 83,000 122,000 $ 50,000 23,000 Raw materials (film, costumes Videos in process 101,000274,000 13,000 Finished videos avaiting sale Prepaid insurance Total current assets Studio and equipment Less accumulated depreciation Total assets 392,00 770,000 230,000540,000 $932,000 133,000 290,000 799 000 Liabilities and Stockholders Equity Accounts payable Capital stock Retained earnings Total 1iabilities and stockholders equity 509,000 $932,000 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 $240,000 in manufacturing overhead for an estimated allocation base of 6,000 camera-hours The following transactions occurred during the year a Film. costumes, and similar raw materials purchased on account, $205.000 1of5 Next >