Quiz 1 Problem 1: During its first year of operations, Forrest Company paid $14,000 for direct materials and $18,000 for production workers' wages. Utilities on the production facilities amounted to $16,000 while general, selling, and administrative expenses totaled $8,000. The company produced 5,000 units and sold 3,000 units at a price of $14.00 a unit. What is Forrest's cost of goods sold for the year? Select one: O a. $25,000 O b. $29,000 O c. $28,800 O d. $26,000 Quiz 1 Problem 2: During its first year of operations, Forrest Company paid $14,000 for direct materials and $18,000 for production workers' wages. Utilities on the production facilities amounted to $16,000 while general, selling, and administrative expenses totaled $8,000. The company produced 5,000 units and sold 3,000 units at a price of $14.00 a unit. on What is the amount of finished goods inventory on the balance she t at year-end? Select one: O a. $18,000 O b. $19,000 O c. $17,000 O d. $19,200 Quiz 1 Problem 3: During its first year of operations, Forrest Company paid $14,000 for direct materials and $18,000 for production workers' wages. Utilities on the production facilities amounted to $16,000 while general, selling, and administrative expenses totaled $8,000. The company produced 5,000 units and sold 3,000 units at a price of $14.00 a unit. What was Forrest's net income for the first year in operation? Select one: O a. $4,000 O b. $5,000 O c. $3,800 O d. $5,200