Question: During its first year of operations, Silverman Company paid $11,860 for direct materials and $10,900 for production workers' wages. Lease payments and utilities on the production facilities amounted to $9,900 while general, selling, and administrative expenses totaled $3,600. The company produced 7,100 units and sold 4,400 units at a price of $7.10 a unit. What was Silverman's net income for the first year in operation? (Do not round intermediate calculations.)
$7,400
$27,640
$21,340
$8,480