$4.$ Stuart Manufacturing Company was started on January $1,$ year $1,$ when it acquired $$89,000$ cash by issuing common stock. Stuart immediately purchased office furniture and manufacturing equipment costing $$32,000$ and $$40,000,$ respectively. The office furniture had an eight$-$year useful life and a zero salvage value. The manufacturing equipment had a $$4,000$ salvage value and an expected useful life of six years. The company paid $$12,000$ for salaries of administrative personnel and $$21,000$ for wages to production personnel. Finally, the company paid $$26,000$ for raw materials that were used to make inventory. All inventory was started and completed during the year. Stuart completed production on $10,000$ units of product and sold $8,000$ units at a price of $$9$ each in year $1.($Assume that all transactions are cash transactions and that product costs are computed in accordance with GAAP.$)$

Required

Determine the total product cost and the average cost per unit of the inventory produced in year $1.$

Note: Round "Average cost per unit" to $2$ decimal places.

Determine the amount of cost of goods sold that would appear on the year $1$ income statement.

Note: Do not round intermediate calculations.

Determine the amount of the ending inventory balance that would appear on the December $31,$ year $1,$ balance sheet.

Note: Do not round intermediate calculations.

Determine the amount of net income that would appear on the year $1$ income statement.

Determine the amount of retained earnings that would appear on the December $31,$ year $1,$ balance sheet.

Determine the amount of total assets that would appear on the December $31,$ year $1,$ balance sheet.

$5.$ Sinclair Manufacturing Company experienced the following accounting events during its first year of operation. With the exception of the adjusting entries for depreciation, assume that all transactions are cash transactions and that financial statement data are prepared in accordance with GAAP.

Acquired $$68,000$ cash by issuing common stock.

Paid $$8,700$ for the materials used to make its products, all of which were started and completed during the year.

Paid salaries of $$4,500$ to selling and administrative employees.

Paid wages of $$10,000$ to production workers.

Paid $$9,600$ for furniture used in selling and administrative offices. The furniture was acquired on January $1.$ It had a $$1,600$ estimated salvage value and a four$-$year useful life.

Paid $$16,000$ for manufacturing equipment. The equipment was acquired on January $1.$ It had a $$1,000$ estimated salvage value and a five$-$year useful life.

Sold inventory to customers for $$35,000$ that had cost $$14,000$ to make.

Required

How these events would affect the balance sheet and income statement by recording them in a horizontal financial statements model as indicated here. The first event is recorded as an example.

Note: Enter decreases to account balances with a minus sign.