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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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