Problem 21 In its first year of operations, Baker Inc. paid $11,000 for direct materials used in its production facilities. Baker also paid $8,000 for factory workers' wages. Depreciation and rental payments related to the production factory amounted to $5,000. Baker also incurred general and administrative expenses in the amount of $11,000. The company produced 8,000 units and sold 6,000 units at a price of $9.00 a unit What is the cost of Goods Sold for the year? . What is the Net Income for the year? What value would be assigned to Ending Inventory