6. During its first year of operations, Silverman Company...
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Accounting
6.
During its first year of operations, Silverman Company paid $11,625 for direct materials and $11,000 for production workers' wages. Lease payments and utilities on the production facilities amounted to $10,000 while general, selling, and administrative expenses totaled $3,500. The company produced 7,250 units and sold 4,500 units at a price of $7.00 a unit. What was Silverman's net income for the first year in operation? (Do not round intermediate calculations.)
a. $21,500
b. $28,000
c. $8,875
d. $7,750
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