**Solomon Manufacturing Company Case Study****Overview:**Solomon Manufacturing Company was launched on January 1, Year 1, by issuing common stock worth $89,000. The company quickly invested in office furniture and manufacturing equipment, with respective costs of $9,800 and $36,500. The equipment is expected to last eight years and has a salvage value of $2,500. Administrative wages amounted to $11,400, while $15,200 was allocated to wages for production staff. Additionally, raw materials costing $11,170 were purchased. Production for the year totaled 4,300 units, with 3,310 units sold at $15 each. All figures align with GAAP principles.**Required Calculations:**1. **Total Product Cost and Average Cost Per Unit:** - Calculate the total product cost and average cost per unit of inventory for Year 1. - Round the "Average cost per unit" to two decimal places.2. **Cost of Goods Sold (COGS):** - Determine the COGS for the Year 1 income statement. - Avoid rounding intermediate calculations.3. **Ending Inventory:** - Calculate the ending inventory balance for the December 31, Year 1 balance sheet. - Avoid rounding intermediate calculations.4. **Net Income:** - Calculate the net income for the Year 1 income statement. - Round the answer to the nearest dollar amount.5. **Retained Earnings:** - Determine the retained earnings for the December 31, Year 1 balance sheet. - Round the answer to the nearest dollar amount.6. **Total Assets:** - Calculate total assets for the December 31, Year 1 balance sheet. - Round the answer to the nearest dollar amount.**Table for Data Entry:**The following entries need to be calculated and recorded:- Total product cost- Average cost per unit- Ending inventory- Net income- Retained earnings- Total assetsThese financial calculations provide a comprehensive financial overview and assist in strategic decision-making for Solomon Manufacturing Company.

Discalimer: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts for you. To get the remaining sub-part solved please repost the complete question and mention the sub-parts to be solved.”. Introduction: The cost of a product is the sum of all the expenses incurred during production. These prices include factory overhead, consumable production supplies, direct labor, direct materials, and consumable materials. When determining the price of a product, the cost of the labor required to offer a service to a consumer might also be taken into account.Answer a. Particulars Amount Direct Material $11,170 Direct Labor $15,200 Manufacturing Overhead ($26,300 -$3,500)/3 $7,600 Total Product Cost $33,970 Number of Units 4,300 units Average cost per unit $7.90 Answer b. Particulars Amount Number of units Sold 3,310 Average cost per unit $7.90 Cost of goods sold $26,149 Answer c. Particulars Amount Number of units produced 4,300 Number of units sold 3,310 Ending Inventory units 990 Average cost per unit $7.90 Ending Inventory $7,821 Final Answer: a. Total Product Cost $33,970 Average cost per unit $7.90 b. Cost of goods sold $26,149 c. Ending Inventory $7,821