Net income for the first year in operation

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Reference no: EM131306266

During its first year of operations, Silverman Company paid $10,285 for direct materials and $9,800 for production workers' wages. Lease payments and utilities on the production facilities amounted to $8,800 while general, selling, and administrative expenses totaled $4,300. The company produced 5,450 units and sold 3,300 units at a price of $7.80 a unit.

What was Silverman's net income for the first year in operation? (Do not round intermediate calculations.)

a. $21,440

b. $5,655

c. $16,940

d. $3,950

Reference no: EM131306266

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