Stuart Manufacturing Company was started on January $1,$ year $1,$ when it acquired $$89,000$ cash by issuing common stock. Stuart immediately purchased office furniture and manufacturing equipment costing $$32,000$ and $$40,000,$ respectively. The office furniture had an eight$-$year useful life and a zero salvage value. The manufacturing equipment had a $$4,000$ salvage value and an expected useful life of six years. The company paid $$12,000$ for salaries of administrative personnel and $$21,000$ for wages to production personnel. Finally, the company paid $$26,000$ for raw materials that were used to make inventory. All inventory was started and completed during the year. Stuart completed production on $10,000$ units of product and sold $8,000$ units at a price of $$9$ 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.

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

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