The following transactions pertain to year $1,$ the first$-$year operations of Gibson Company. All inventory was started and completed during year $1.$ Assume that all transactions are cash transactions.

Acquired $$12,000$ cash by issuing common stock.

Paid $$4,700$ for materials used to produce inventory.

Paid $$2,400$ to production workers.

Paid $$900$ rental fee for production equipment.

Paid $$350$ to administrative employees.

Paid $$400$ rental fee for administrative office equipment.

Produced $400$ units of inventory of which $360$ units were sold at a price of $$25$ each.