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Star Videos, Inc., produces short musical videos for sale to retail outlets. The company's balance sheet accounts as of January 1 are given below. $ 92,000 115,600 Star Videos, Inc. Balance Sheet January 1 Assets Cash Accounts receivable Inventories: Raw materials (film, costumes) Videos in process Finished videos awaiting sale Prepaid insurance Studio and equipment (net) Total assets Liabilities and Stockholders' Equity Accounts payable Retained earnings Total liabilities and stockholders' equity $ 17,809 60,200 91,200 169,200 12,600 603,000 $ 992,400 $ 211,000 781,400 $ 992,400 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 ($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 tract of nnnric cnini The following transactions were rernrrar for the war

Answer 1

XIA 5 2020-09(2) SEP.xlsx - Microsoft Excel ? X FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW DEVELOPER Sign in Q19 fi A R S s 1 2 3 4 5 6 7 8 B с C D E F H K M N o P Q Answer 1 Star videos Transaction analysis Studio and Accounts Raw Work in Finished Manufact Prepaid Cash Accounts Retained receivable materials progress equipment goods ure insurance payable earnings (net) Beg. Bal. 92,000 115,600 17,800 60,200 91,200 12,600 603,000 211,000 781,400 Calculations (a) 208,500 208,500 Direct material (219500*85%) (b) -219,500 186,575 32,925 Indirect material (219500*15%) (c) 81,600 81,600 Manufacture Depreciation (90000*3/4) d) 67,500 -90,000 -22,500 Depreciation expense (90000*1/4) (e) 155,500 -155,500 Manufacture insurance (10050*70%) (f) f -302,100 99,200 100,500 -102,400 Insurance expense (10050*30%) 7,035 -10,050 -3,015 MOH overhead applied (7250*40) (h) 10,350 -10,350 (i) 290,000 -290,000 (j) -548,000 548,000 (k) 1,060,000 1,060,000 (0) -591,810 -591,810 (m) 1,010,000 -1,010,000 (n) -585,000 -585,000 (0) 440 440 Overapplied overhead End. Bal 214,900 165,600 6,800 87,975 47,390 0 2,550 513,000 81,950 956,265 Manufacture account must be zero. Therefore balancing figure calculated to get the manufacture overhead at zero. 9 10 $ $ $ $ $ $ $ 186,575 32,925 67,500 22,500 7,035 3,015 11 12 290,000 13 14 15 16 17 18 19 20 21 22 23 24 25 Answer 2 Star Video, Inc Cost of goods manufactured Schedule Sheet23 Sheet24 Sheet25 Sheet26 Answer 3 Star Video, Inc Cost of goods sold Schedule 26 Activate Windows Go to Settings to activate Windows Sheet21 Sheet22 Sheet27 Sheet28 Sheet29 READY 1 + 100% 1 Search the web and Windows O A ENG US 10:32 15-09-20

XIA 5 2020-09(2) SEP.xlsx - Microsoft Excel ? X FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW DEVELOPER Sign in H45 fi A B 1 o P Q R S 25 26 27 28 $ 60,200 29 K M N Star Video, Inc Cost of goods sold Schedule For the year ended December 31 Finished goods Inventory at beginning Add: Cost of goods manufactured Cost of goods available for sale Less: Finished goods Inventory at ending Unadjusted Cost of goods Sold Add: Under (over) applied overhead Adjusted Cost of goods Sold 30 31 с D E H Star Video, Inc Cost of goods manufactured Schedule For the year ended December 31 Work in process inventory at beginning Direct materials Raw materials inventory at beginning $ 17,800 Raw materials purchases $ 208,500 Raw materials available for use $226,300 Less: Raw materials inventory at ending $ 6,800 Total Material used $ 219,500 Less: indirect material $ 32,925 Direct materials used $ 186,575 Direct labor $ 99,200 Applied manufacturing overhead $ 290,000 Total manufacture cost added to the production Total manufacture cost to be accounted for Less: Work in process inventory at ending Cost of goods manufactured $ 91,200 $ 548,000 $ 639,200 $ 47,390 $ 591,810 $ (440) $ 591,370 32 33 34 35 36 37 38 39 40 $ 575,775 $ 635,975 $ 87,975 $ 548,000 41 42 43 Answer 4 Star Video, Inc Income statement For the year ended December 31 Sales revenue Less: cost of goods sold Gross profit Less: Administarive and selling expenses Net income Depreciation expense Advertising expense Administarive salaries expense Insurance expense Misc. Marketing and administarive expense Total Administarive and selling expenses 44 45 46 1,060,000 $ 591,370 $ 468,630 293,765 $ 174,865 22,500 155,500 102,400 3,015 10,350 A 293,765 Windows Go to Settings to activate Windows 47 48 49 50 Sheet21 Sheet22 Sheet23 Sheet24 Sheet25 Sheet26 Sheet27 Sheet28 Sheet29 READY 3 1 + 100% 1 Search the web and Windows O ENG US 10:33 15-09-20