818 paid $20,000 for direct material and $50,000 for production workers wages. Lease payment and utilities on

818 paid $20,000 for direct material and $50,000 for production workers’ wages. Lease payment and utilities on the production facility amounted to $12,000. General, selling and administrative expenses amounted to $6,000. The company made 20,000 units and sold 18,000 units for $6.50 each. What was the amount of the company’s net income for the first year?

Answer rating: 100% (QA)

Sales 18000 units 650 117000 Less Cost of goods ... View the full answer