During its first year of operations, Silverman Company paid $17,665 for direct materials and $10,400 for production workers' wages. Lease payments and utilities on the production facilities amounted to $9,400 while general, selling, and administrative expenses totaled $4,900. The company produced 6,350 units and sold 3,900 units at a price of $8.40 a unit.

What is Silverman's cost of goods sold for the year?

Multiple Choice

• $37,465
• $20,246
• $23,010
• $32,965