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What was silverman net income for first year in operation

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Question - 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.

Required - What was Silverman's net income for the first year in operation?

a. $6,000

b. $3,500

c. $14,000

d. $18,500

Reference no: EM132692119

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