Exercise $10-8$A $($Algo$)$ Allocating product costs between ending inventory and cost of goods sold LO $1-3$

Walton Manufacturing Company began operations on January $1.$ During the year, it started and completed $1,730$ units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs:

Raw materials purchased and used$-$ $$3,190.$

Wages of production workers $-$$$3,500.$

Salaries of administrative and sales personnel$-$ $$1,900.$

Depreciation on manufacturing equipment$-$ $$5,939.$

Depreciation on administrative equipment$-$ $$1,815.$

Walton sold $1,180$ units of product.

Required

a$.$ Determine the total product cost for the year.

b$.$ Determine the total cost of the ending inventory.

Note: Do not round intermediate calculations.

c$.$ Determine the total of cost of goods sold.

Note: Do not round intermediate calculations.

a$.$ Total product cost

b$.$ Total cost of ending inventory

c$.$ Total cost of goods sold