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Perez Manufacturing Company was started on January $1,$ Year $1,$ when it acquired $$82,000$ cash by issuing common stock. Perez

immediately purchased office furniture and manufacturing equipment costing $$7,000$ and $$32,600,$ 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 $$11,400$ for salaries of administrative personnel and $$15,600$ for wages to

production personnel. Finally, the company paid $$9,490$ for raw materials that were used to make inventory. All inventory was

started and completed during the year. Perez completed production on $4,100$ units of product and sold $3,120$ 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

c$.$ Ending inventory

d$.$ Net income

e$.$ Retained earnings

f$.$ Total assets

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