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, Inc. Balance Sheet January 1 |
||||||
Assets | ||||||
Current assets: | ||||||
Cash | $ | 80,000 | ||||
Accounts receivable | 119,000 | |||||
Inventories: | ||||||
Raw materials (film, costumes) | $ | 47,000 | ||||
Videos in process | 20,000 | |||||
Finished videos awaiting sale | 98,000 | 165,000 | ||||
Prepaid insurance | 12,400 | |||||
Total current assets | 376,400 | |||||
Studio and equipment | 764,000 | |||||
Less accumulated depreciation | 227,000 | 537,000 | ||||
Total assets | $ | 913,400 | ||||
Liabilities and Stockholders' Equity | ||||||
Accounts payable | $ | 120,400 | ||||
Capital stock | $ | 506,000 | ||||
Retained earnings | 287,000 | 793,000 | ||||
Total liabilities and stockholders' equity | $ | 913,400 | ||||
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 $230,000 in manufacturing overhead for an estimated allocation base of 5,000 camera-hours. The following transactions occurred during the year:
Direct labor (actors and directors) | $ | 99,000 |
Indirect labor (carpenters to build sets, costume designers, and so forth) |
$ | 127,000 |
Administrative salaries | $ | 112,000 |
Required:
4. Prepare a schedule of cost of goods manufactured.
5. Prepare a schedule of cost of goods sold.
6. Prepare an income statement for the year.
PLEASE FINISH THE LAST THREE TABLES, ALL INFORMATION GIVEN IS
CORRECT.
PLEASE SHOW ALL WORK AND HOW YOU GOT THE NUMBERS.
THANKS
Cost of Goods Manufactured Schedule | ||
Direct Materials | ||
Raw Material Inventory | $ 47,000 | |
Raw Material Purchases | $ 202,000 | |
Total Raw Material available for use | $ 249,000 | |
Less : Raw Material Inventory | $ 32,000 | |
Direct Material Used in production | $ 217,000 | |
Less : Indirect Materials | $ 32,550 | $ 184,450 |
Direct Labor | $ 99,000 | |
Manufacturing Overhead applied | $ 358,800 | |
Total Manufacturing Costs | $ 642,250 | |
Beginning Work in process inventory | $ 20,000 | |
$ 662,250 | ||
Less: Ending Work in Process inventory | $ 95,250 | |
Cost of goods manufactured | $ 567,000 |
Cost of Goods Sold | |
Finished Goods Inventory | $ 98,000 |
Cost of Goods Manufactured | $ 567,000 |
Cost of Goods Available for sale | $ 665,000 |
Less : Finished Goods Inventory | $ 48,000 |
Unadjusted Cost of Goods Sold | $ 617,000 |
Overapplied Overhead | $ -27,540 |
Cost of Goods Sold | $ 589,460 |
Income Statement | ||
Sales | $ 959,000 | |
Cost of Goods Sold | $ 589,460 | |
Gross Margin | $ 369,540 | |
Selling and administrative expenses | ||
Depreciation Expense | $ 25,250 | |
Advertising Expense | $ 147,000 | |
Administrative Salaries | $ 112,000 | |
Insurance Expense | $ 1,740 | |
Miscellaneous expense | $ 10,300 | |
Total Selling and administrative expenses | $ 296,290 | |
Net Operating Income | $ 73,250 |
Supreme Videos, Inc., produces short musical videos for sale to retail outlets. The company’s balance sheet...
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, Inc.
Balance Sheet
January 1
Assets
Current assets:
Cash
$
79,000
Accounts
receivable
118,000
Inventories:
Raw materials
(film, costumes)
$
46,000
Videos in
process
24,000
Finished videos
awaiting sale
97,000
167,000
Prepaid
insurance
12,200
Total current
assets
376,200
Studio and
equipment
762,000
Less accumulated
depreciation
226,000
536,000
Total
assets
$
912,200
Liabilities and Stockholders'...
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. $ 82,000 121,000 $ 49,000 22,000 100,000 Supreme Videos, Inc. Balance Sheet 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...
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, Inc.
Balance Sheet
January 1
Assets
Current assets:
Cash
$
81,000
Accounts receivable
120,000
Inventories:
Raw materials (film, costumes)
$
48,000
Videos in process
21,000
Finished videos awaiting sale
99,000
168,000
Prepaid insurance
12,600
Total current assets
381,600
Studio and equipment
766,000
Less accumulated depreciation
228,000
538,000
Total assets
$
919,600
Liabilities and Stockholders'...
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. $ 64,000 103,000 $ 31,000 46,000 82,000 Supreme Videos, Inc. Balance Sheet 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...
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. $ 64,000 103,000 Supreme Videos, Inc. Balance Sheet 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 liabilities and stockholders' equity...
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. $ 79,000 118,000 $ 46,000 24,000 97,000 Supreme Videos, Inc. Balance Sheet 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...
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. $ 64,000 103,000 Supreme Videos, Inc. Balance Sheet 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 liabilities and stockholders' equity...
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, Inc. Balance Sheet January 1 Assets points Current assets: eBook Cash Accounts receivable Inventories: $71,000 110,000 Print Raw materials (film, costumes) 38,000 30,000 89,000 Videos in process Finished videos awaiting sale 157,000 10,600 348,600 Prepaid insurance Total current assets Studio and equipment 746,000 Less accumulated depreciation Total assets 218,000528,000 $876, 600 Liabilities and Stockholders'Equity...
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, Inc. Balance Sheet January 1 Assets Current assets: Cash $ 63,000 Accounts receivable 102,000 Inventories: Raw materials (film, costumes) $ 30,000 Videos in process 45,000 Finished videos awaiting sale 81,000 156,000 Prepaid insurance 9,000 Total current assets 330,000 Studio and equipment 730,000 Less accumulated depreciation 210,000 520,000 Total assets $ 850,000 Liabilities and Stockholders'...
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, Inc. Balance Sheet January 1 Assets Current assets: Cash $ 63,000 Accounts receivable 102,000 Inventories: Raw materials (film, costumes) $ 30,000 Videos in process 45,000 Finished videos awaiting sale 81,000 156,000 Prepaid insurance 9,000 Total current assets 330,000 Studio and equipment 730,000 Less accumulated depreciation 210,000 520,000 Total assets $ 850,000 Liabilities and Stockholders'...