During its first year of operations, Silverman Company paid $11,440 for direct materials and $9,900...
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Accounting
During its first year of operations, Silverman Company paid $11,440 for direct materials and $9,900 for production workers' wages. Lease payments and utilities on the production facilities amounted to $8,900 while general, selling, and administrative expenses totaled $4,400. The company produced 5,600 units and sold 3,400 units at a price of $7.90 a unit. What was Silverman's net income for the first year in operation?
$17,960
$22,460
$5,520
$4,100
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