Chapter 10 Homework i 2 20 points eBook Print References Saved Campbell Manufacturing Company was started on January 1, Year 1, when it acquired $83,000 cash by issuing common stock. Campbell immediately purchased office furniture and manufacturing equipment costing $8,400 and $26,600, respectively. The office furniture had an eight-year useful life and a zero salvage value. The manufacturing equipment had a $3,500 salvage value and an expected useful life of three years. The company paid $11,600 for salaries of administrative personnel and $15,600 for wages to production personnel. Finally, the company paid $9,460 for raw materials that were used to make inventory. All inventory was started and completed during the year. Campbell completed production on 4,200 units of product and sold 3,280 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 Help Save & Exit Subm Check my work

Campoed Manufocturing Company was started on January 1, Year 1 , whea it acquaced 583000 cash by issuing common stock. Campbell immediately purchased office fum ture and monutocturing equloment costing $8.400 and $2.600, respectively The office furnifute had an esghe yeur uschul life and a rero salvage value. The manufactaring equipmend had a $3,500 solvage value and an production pevsonnel. Finally, the company pad $9.460 for row materials that wore used to make inventory. Alt inventory Was storted in Year 1 (Assume that al fransactions are cash fransoctions and that product costs are computed in accordance with GAap) Pequired n. Determine the iotal product cout and the average cost per uns of the imventory prociced in Year t Note: Round "Average cost per unit" to 2 decimal places. b. Deternine the arnount of cost of goods sold tivat would appear on the Year I incorre statement? Note: Do not round intermediste calculations. c. Determine the amount of the ending inventory batance that would appear on the December 31 Year 1 balance shect Nete: Do het round intermediche calculutbis. d. Determine the amount of net income that would aphear on the Your 1 income statensent Nete: De net round intermediste calculations. Nete: Do net reund intermedlate calculations. f. Oetermine the amount of total assets that would eppear on the Decentoer 3t, Wow 1 , bulance theet Note: Da net round intermediste calculations