Solomon Manufacturing Company was started on January $1,$ year $1,$ when it acquired $$81,000$ cash by issuing common stock. Solomon immediately purchased office furniture and manufacturing equipment costing $$8,400$ and $$33,300,$ respectively. The office furniture had an eight$-$year useful life and a zero salvage value. The manufacturing equipment had a $$3,300$ salvage value and an expected useful life of four years. The company paid $$12,000$ for salaries of administrative personnel and $$15,100$ for wages to production personnel. Finally, the company paid $$14,300$ for raw materials that were used to make inventory. All inventory was started and completed during the year. Solomon completed production on $4,500$ units of product and sold $3,540$ units at a price of $$15$ each in year $1.($Assume that all transactions are cash transactions and that product costs are computed in accordance with GAAP.$)$

Required

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.

Determine the amount of cost of goods sold that would appear on the year $1$ income statement.

Note: Do not round intermediate calculations.

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.

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

Note: Do not round intermediate calculations.

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

Note: Do not round intermediate calculations.

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

Note: Do not round intermediate calculations.