Question 1 (22 marks) The following data (in thousands of dollars) have been taken from the accounting records of Rayburn Corporation for the current year. $('000) Sales $1,9801 Selling expenses 2801 Manufacturing overhead 460 Direct labor 400 Administrative expenses 300 Purchases of raw materials 2401 Finished goods inventory, beginning 240 Finished goods inventory, ending 320 Raw materials inventory, beginning 80 Raw materials inventory, ending 140 Work in process inventory, beginning 1401 Work in process inventory, ending 100 Required: (Present all reports and calculations in thousands of dollars) (a) What was the cost of the raw materials used in production during the year? (b) What was the cost of goods manufactured (finished) for the year? (c) What was the cost of goods sold for the year? (d) What was the net income for the year