Question - During its first year of operations, Silverman Company paid $10,385 for direct materials and $11,400 for production workers' wages. Lease payments and utilities on the production facilities amounted to $10,400 while general, selling, and administrative expenses totaled $3,100. The company produced 7,850 units and sold 4,900 units at a price of $6.60 a unit.
What is the amount of finished goods inventory on the balance sheet at year-end?
$2,950
$6,048
$12,095
$12,250