Exercise 10-8 Allocating product costs between ending inventory and cost of goods sold LO 10-3 Thornton Manufacturing Company began operations on January 1. During the year, it started and completed 1,700 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: 1. Raw materials purchased and used-$3.120. 2. Wages of production workers-$3,500. 3. Salaries of administrative and sales personnel-$1,985. 4. Depreciation on manufacturing equipment-$5,790 5. Depreciation on administrative equipment-$1,825. Thornton sold 1,140 units of product. Required a. Determine the total product cost for the year. b. Determine the total cost of the ending inventory. (Do not round intermediate calculations.) c. Determine the total of cost of goods sold. (Do not round intermediate calculations.) Answer is complete but not entirely correct. Total product cost Total cost of ending inventory Total cost of goods sold $ $ $ 12,410 5,070 6,840