Problem $10-22$A $($Algo$)$ Product versus selling, general, and administrative $($SG&A$)$ costs LO $10-2,10-3$

Vernon Manufacturing Company was started on January $1,$ Year $1,$ when it acquired $$89,000$ cash by Issuing common stock. Vernon immediately purchased office furniture and manufacturing equipment costing $$9,100$ and $$34,800,$ respectively. The office furniture had an elght$-$year useful life and a zero salvage value. The manufacturing equipment had a $$3,200$ salvage value and an expected useful life of four years. The company pald $$11,600$ for salarles of administrative personnel and $$15,400$ for wages to production personnel. Finally, the company paid $$9,380$ for raw materlals that were used to make inventory. All inventory was started and completed during the year. Vernon completed production on $4,300$ units of product and sold $3,380$ units at a price of $$14$ each in Year $1.($Assume that all transactions are cash transactions and that product costs are computed in accordance with GAAP.$)$

Required

o$.$ Determine the total product cost and the average cost per unit of the inventory produced in Year $1.$

Note: Round "Average cost per unlt" 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 Intermedlate 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 Intermedlate calculations.

d$.$ Determine the amount of net Income that would appear on the Year $1$ income statement.

Note: Do not round Intermedlate 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.

$.$ Determine the amount of total assets that would appear on the December $31,$ Year $1,$ balance sheet.

Note: Do not round Intermedlate calculations.

$\backslash$table$[[$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,$]]$