16. During its first year of operations, Silverman Company paid $9,160 for direct materials and $9,700 for production workers' wages. Lease payments and utilities on the production facilities amounted to $8,700 while general, selling, and administrative expenses totaled $4,200. The company produced 5,300 units and sold 3,200 units at a price of $7.70 a unit.

What is the amount of gross margin for the first year? (Do not round intermediate calculations.)

	$10,920
	$8,000
	$24,640
	$5,780