During its first year of operations, Connor Company paid $50,000 for direct materials and $36,000 in wages for production workers. Lease payments and utilities on the production facilities amounted to $14,000. General, selling and administrative expenses were 516,000. The company produced 5,000 units and sold 4,000 units for $30.00 a unit. The average cost to produce one unit is which of the following amounts? Munoz Manufacturing Company was started on January 1, year 1, when it acquired $85,000 cash by issuing common stock. Munoz immediately purchased office furniture and manufacturing equipment costing $8,400 and $35,200, respectively. The office furniture had an eight-year useful life and a zero salvage value. The manufacturing equipment had a $3,600 salvage value and an expected useful life of four years. The company paid $11.200 for salaries of administrative personnel and $15,000 for wages to production personnel. Finally, the company paid $14.450 for raw materials that were used to make inventory. All inventory was started and completed during the year. Munoz completed production on 4,500 units of product and sold 3,560 units at a price of $16 each in year 1. (Assume that all transactions are cash transactions and that product costs are computed in accordance with GAAP) Required a. Determine the total product cost and the average cost per unit of the inventory produced in year 1. (Round "Average cost per unit" to 2 decimal places.) b. Determine the amount of cost of goods sold that would appear on the year 1 income statement. (Do not round intermediate calculations.) c. Determine the amount of the ending inventory balance that would appear on the December 31, year 1, balance sheet. (Do not round intermediate calculations.) d. Determine the amount of net income that would appear on the year income statement. (Round your final answer value to the nearest whole dollar.) e. Determine the amount of retained earnings that would appear on the December 31. year 1. balance sheet. (Round your final answer value to the nearest whole dollar.) f. Determine the amount of total assets that would appear on the December 31, year 1. balance sheet. (Round your final answer value to the nearest whole dollar.) During its first year of operations, Connor Company paid $45,160 for direct materials and $19,400 in wages for production workers. Lease payments and utilities on the production facilities amounted to $8,400. General, selling, and administrative expenses were 59,400. The company produced 6,400 units and sold 5,400 units for $16.40 a unit. The average cost to produce one unit is which of the following amounts
