Solomon Manufacturing Company was started on January $1,$ Year $1,$ when it acquired $$80,000$ cash by issuing common stock.

Solomon immediately purchased office furniture and manufacturing equipment costing $$7,700$ and $$34,500,$ 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 $$11,400$ for salaries of administrative personnel and $$15,300$ for

wages to production personnel. Finally, the company paid $$13,650$ for raw materials that were used to make inventory. All

inventory was started and completed during the year. Solomon completed production on $4,900$ units of product and sold $3,950$

units at a price of $$14$ 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.

Answer is complete but not entirely correct. Please help with the total assets part I am not understanding.