Rundle Manufacturing Company was started on January 1 , Year 1 , when it acquired $82,000 cash by issuing common stock. Rundle immediately purchased office furniture and manufacturing equipment costing $8,400 and $33,300, respectively. 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 $11,400 for salaries of administrative personnel and $15,900 for wages to production personnel. Finally, the company paid $12,390 for raw materials that were used to make inventory. All inventory was started and completed during the year. Rundle completed production on 4,300 units of product and sold 3,310 units at a price of $16 each