Which of the following should not be included in direct materials costs for a bike manufacturer?
A. Pedals.
B. Handlebars.
C. Seats.
D. Machine lubrication oil.
E. Tires.
Answer: D
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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?
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Indicate whether the statement is true or false
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What will be an ideal response?