Perez Manufacturing Company was started on January $1,$ year $1,$ when it acquirea $$77,000$ cash by issuing common stock. Perez immediately purchased office

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furniture and manufacturing equipment costing $$7,700$ and $$33,300,$ resp$$ctively$.$

points

The office furniture had an eight$-$year useful life and a zero salvage value. The manufacturing equipment had a $$3,700$ salvage value and an expected useful life of four years. The company paid $$11,200$ for salaries of administrative personnel and $$15,800$ for wages to production personnel. Finally, the company paid $$13,140$ for raw

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materials that were used to make inventory. All inventory was started and completed during the year. Perez completed production on $4,600$ units of product and sold $3,700$ units at a price of $$15$ 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 $1.$

Note: 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.

Note: 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.

Note: Do not round intermediate calculations.

d$.$ Determine the amount of net income that would appear on the year $1$ income statement.

Note: Do not round intermediate calculations.

e$.$ Determine the amount of retained earnings that would appear on the December $31,$ year $1,$ balance sheet.

Note: Do not round intermediate calculations.

f$.$ Determine the amount of total assets that would appear on the December $31,$ year $1,$ balance sheet.

Note: Do not round intermediate calculations.

$\backslash$table$[[$a$.$ Total product cost,$],[$a$.$ Average cost per unit,$],[$b$.$ Cost of good sold,$],[$c$.$ Ending inventory,$],[$d$.$ Net income,$],[$e$.$ Retained earnings,$],[$f$.$ Total assets,$]]$