23. Smith Company reports the following information: 27. The following data (in thousands of dollars) have been taken from the accounting records of Raybum Corporation for the current year. Cost of goods manufactured Direct materials used Direct labor incurred Work in process inventory, January 1 $68.250 27,000 25.000 11,000 Factory overhead is 75% of the cost of direct labor. Work in process inventory on December 31 is a. $16.250 b. $8,500 c. $18.750 d. $13,500 Sales Selling expenses Manufacturing overhead Direct labor Administrative expenses Purchases of direct materials Finished goods inventory, beginning Finished goods inventory, ending Direct materials inventory, beginning Direct materials inventory, ending Work in process inventory, beginning Work in process inventory, ending $1.980 280 460 400 300 240 240 320 80 140 140 100 24. Indirect labor and indirect materials are classified as a. factory overhead and product costs b. factory overhead and period costs c. operating costs and period costs d. operating costs and product costs Required: a. What was the cost of the direct materials used in production during the year? b. What was the cost of goods manufactured for the year? c. What was the cost of goods sold for the year? d. What was the net income for the year? Present all calculations in thousands of dollars. 28. Zoe Corporation has the following information for the month of March: 25. Period costs include a. current assets on the balance sheet b. current liabilities on the balance sheet c. operating costs that are shown on the income statement when products are sold d. operating costs that are shown on the income statement in the period in which they are incurred 26. The cost of goods sold for Michaels Manufacturing in the current year was $233,000. The January 1 finished goods inventory balance was $31,600, and the December 31 finished goods inventory balance was $24,200. Cost of goods manufactured during the period was a. $233,000 b. $225,600 c. $288.800 d. $240.400 Purchases Materials inventory, March 1 Materials inventory, March 31 Direct labor Factory overhead Work in process inventory, March 1 Work in process inventory, March 31 Finished goods inventory, March 1 Finished goods inventory, March 31 Sales Sales and administrative expenses $ 92.000 6,000 8.000 25,000 37.000 22,000 23.500 21,000 30,000 257,000 79,000 Prepare (a) a statement of cost of goods manufactured, (b) an income statement for the month ended March 31, and (c) the "Inventory" section of the balance sheet