1.The following data in thousands of dollars) have been taken from the accounting records of Davis Corporation for the just completed year:- S 600 Administrative expenses Direct labor 800 Finished goods inventory, beginning* Finished goods inventory, ending Manufacturing overhead 480 640 920 Purchases of raw materials 480P Raw materials inventory, beginning Raw materials inventory, ending 160P 280 3,960 560 Sales Selling expenses Work in process inventory, beginning Work in process inventory, ending 280 200 What was the cost of the raw materials used in production during the year (in thousands of dollars)