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During its first year of operations, Silverman Company paid $7,000 for direct materials and $9,500...

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Accounting

During its first year of operations, Silverman Company paid $7,000 for direct materials and $9,500 for production workers' wages. Lease payments and utilities on the production facilities amounted to $8,500 while general, selling, and administrative expenses totaled $4,000. The company produced 5,000 units and sold 3,000 units at a price of $7.50 a unit.
What was Silverman's net income for the first year in operation?
Multiple Choice
$6,000
$18,500
$3,500
$14,000

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