During its first year of operations, Silver Company paid exist10, 740 for direct materials and exist11, 300 for production workers' wages. Lease payments and utilities on the production facilities amounted to exist10, 300 while general, selling, and administrative expenses totaled exist3, 200. The company produced 7, 700 units and sold 4, 800 units at a price of exist6.70 a unit What was Silver's net income for the first year in operation? exist8, 800 exist21, 860 exist10, 120 exist28, 960