Franklin Manufacturing Company was started on January 1, year 1, when it acquired $77,000 cash by issuing common stock. Franklin immediately purchased office furniture and manufacturing equipment costing $7,000 and $33,600, 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 $11,800 for salaries of administrative personnel and $15,200 for wages to production personnel. Finally, the company paid $12,580 for raw materials that were used to make inventory. All inventory was started and completed during the year. Franklin completed production on 4,200 units of product and sold 3,230 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 Determine the total product cost and the average cost per unit of the inventory produced in year 1. Note: Round "Averag