Exercise 1-8A (Algo) Allocating product costs between ending inventory and cost of goods sold LO 1-3 Benson Manufacturing Company began operations on January 1. During the year, it started and completed 1,750 units of product. The financlal statements are prepared in accordance with GAAP. The company incurred the following costs: 1. Raw materials purchased and used $3,050. 2. Wages of production workers $3,470. 3. Solaries of administrative and sales personnel- $1,995. 4. Depreciation on manufacturing equipment $6,080 5. Depreciotion on administrative equipment $1,755. Benson 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 Note: Do not round intermediate calculations. c. Determine the total of cost of goods sold. Note: Do not round intermediate calculations