During its first year of operations, Silverman Company paid $19,000 for direct materials and $10,500 for production workers' wages. Lease payments and utilities on the production facilities amounted to $9500 while general, selling, and administrative expenses totaled $5000. The company produced 6500 units and sold 4000 units at a price of $8.50 a unit.What was Silverman's net income for the first year in operation?
A. $5000
B. $4500
C. $29,000
D. $24,500
Answer: A
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