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

immediately purchased office furniture and manufacturing equipment costing $$7,700$ and $$24,700,$ 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 three years. The company paid $$11,200$ for salaries of administrative personnel and $$15,600$ for wages to production

personnel. Finally, the company paid $$13,590$ for raw materials that were used to make inventory. All inventory was started and

completed during the year. Stuart completed production on $4,700$ 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,$$,7\mathrm{.}70],[$b$.$ Cost of good sold,$$,28,490],[$c$.$ Ending inventory,,$],[$d$.$ Net income,,$],[$e$.$ Retained earnings,,$],[$f$.$ Total assets,,$]]$