400 27. The following data (in thousands of dollars) have been taken from the accounting records of Rayburn Corporation for the current year. Sales $1,980 Selling expenses 280 Manufacturing overhead 460 Direct labor Administrative expenses 300 Purchases of direct materials 240 Finished goods inventory, beginning 240 Finished goods inventory, ending 320 Direct materials inventory, beginning Direct materials inventory, ending 140 Work in process inventory, beginning 140 Work in process inventory, ending 100 80 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