Walton Manufacturing Company was started on January $1,$ Year $1,$ when it acquired $$85,000$ cash

by issuing common stock. Walton immediately purchased office furniture and manufacturing

equipment costing $$8,400$ and $$25,500,$ 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 three years. The company paid $$11,000$ for salaries of administrative

personnel and $$15,600$ for wages to production personnel. Finally, the company paid $$8,980$ for

raw materials that were used to make inventory. All inventory was started and completed during

the year. Walton completed production on $4,100$ units of product and sold $3,140$ 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.

a$.$ Total product cost

a$.$ Average cost per unit

b$.$ Cost of good sold

e$.$ Retained earnings

f$.$ Total assets