During its first year of operations, Silverman Company paid $12,065 for direct materials and $10,800...
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Accounting
During its first year of operations, Silverman Company paid $12,065 for direct materials and $10,800 for production workers' wages. Lease payments and utilities on the production facilities amounted to $9,800 while general, selling, and administrative expenses totaled $3,700. The company produced 6,950 units and sold 4,300 units at a price of $7.20 a unit. What was Silverman's net income for the first year in operation? (Do not round intermediate calculations.)
$7,050
$8,095
$27,260
$21,160
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