Duncan Manufacturing Company began operations on January 1, 2011. During the year, it started and completed 50 units. Product costs for the period were as follows:
1) Acquired $30,000 cash by issuing common stock.
2) Paid $10,000 for materials.
3) Paid $6,000 for administrative salaries.
4) Paid $8,000 for wages of production workers.
5) Depreciation of office furniture: $2,500.
6) Depreciation of manufacturing equipment: $3,500.
7) Collected $28,000 in cash for sales of 45 units.
