#1 Mustang Manufacturing Company began operations on January 1. The financial statements are prepared in accordance with GAAP. The company started and completed the manufacture of 3,000 products during the year and incurred the following costs: 1. Paid $6,000 for raw materials used to make products. 2. Paid $7,400 for wages of production workers. 3. Paid $3,000 for salaries of administrative and sales personnel. 4. Recorded depreciation on manufacturing equipment of $4,300. 5. Recorded depreciation on administrative equipment of $2,000. 6. Mustang sold 2,500 units of product for $35,000 in cash. Required: a. Record the transactions on next page. b. What is the total product cost for the year? c. What is the total cost of the ending inventory? d. What is the total cost of goods sold for the year? Assets Liab 5th fa Rev Exp Cash M Equip Accum Deprec Equip Admin Accum Accts Net Ear M Deprec Admin PHY Equip Equip