During Its First Year of Operations,Silverman Company Paid $14,000 for Direct

question 36

Multiple Choice

During its first year of operations,Silverman Company paid $14,000 for direct materials and $19,000 for production workers' wages.Lease payments and utilities on the production facilities amounted to $17,000 while general,selling,and administrative expenses totaled $8,000.The company produced 5,000 units and sold 3,000 units at a price of $15.00 a unit. What is the amount of finished goods inventory on the balance sheet at year-end?

• A) $10,000
• B) $20,000
• C) $4,000
• D) $15,000

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Definitions:

Water Vascular System

A hydraulic system used by echinoderms, like starfish, for locomotion, food and water transportation, and waste removal.

Asexual Fragmentation

A method of asexual reproduction where an organism breaks into fragments, each of which develops into a new organism.

Bilateral Symmetry

A body plan in which there are two symmetrical halves of the body, with a distinct left and right, matching one another.

Radial Symmetry

A body plan in which body parts are arranged around a central axis, characteristic of many invertebrates like jellyfish and sea urchins.