Vernon Manufacturing Company was started on January $1,$ Year $1,$ when it acquired $$84,000$ cash by issuing common stock. Vernon

immediately purchased office furniture and manufacturing equipment costing $$7,000$ and $$33,400,$ respectively. The office furniture

had an eight$-$year useful life and a zero salvage value. The manufacturing equipment had a $$3,400$ salvage value and an expected

useful life of four years. The company paid $$11,700$ for salaries of administrative personnel and $$15,800$ for wages to production

personnel. Finally, the company paid $$11,350$ for raw materials that were used to make inventory. All inventory was started and

completed during the year. Vernon completed production on $4,500$ units of product and sold $3,580$ units at a price of $$15$ each in Year

$($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 $1.($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. $($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. $($Do not round

intermediate calculations.$)$

d$.$ Determine the amount of net income that would appear on the Year $1$ income statement. $($Round your answer to the nearest dollar

amount.$)$

e$.$ Determine the amount of retained earnings that would appear on the December $31,$ Year $1,$ balance sheet. $($Round your answer to

the nearest dollar amount.$)$

f$.$ Determine the amount of total assets that would appear on the December $31,$ Year $1,$ balance sheet. $($Round your answer to the

nearest dollar amount.$)$

$$ Answer is not complete.