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During its first year of operations, Silverman Company paid $14,000 for direct materials and $19,000...

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Accounting

During its first year of operations, Silverman Company paid $14,000 for direct materials and $19,000 for production workers' wages. Lease payments and utilities on the production facilities amounted to $17,000 while general, selling, and administrative expenses totaled $8,000. The company produced 5,000 units and sold 3,000 units at a price of $15.00 a unit. What was Silverman's net income for the first year in operation?

$7,000

$12,000

$28,000

$37,000

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