7 Boris' Car Loft, Inc., began operations on January 1. It manufactures 10,000 automobiles and sold 8,000. It incurred the following costs during the year: Factory worker wages $ 50,000 Chief Financial Officer's salary 500,000 Factory rent 10,000 Factory materials 40,000 Corporate headquarters' rent 200,000 Calculate the total product cost for the year ended December 31