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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
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 | 400 |
Administrative expenses | 300 |
Purchases of direct materials | 240 |
Finished goods inventory, beginning | 240 |
Finished goods inventory, ending | 320 |
Direct materials inventory, beginning | 80 |
Direct materials inventory, ending | 140 |
Work in process inventory, beginning | 140 |
Work in process inventory, ending | 100 |
Required:
Enter all amounts in thousands of dollars.
a. What was the cost of the direct materials used in production during the year? $fill in the blank 1 thousand
b. What was the cost of goods manufactured for the year? $fill in the blank 2 thousand
c. What was the cost of goods sold for the year? $fill in the blank 3 thousand
d. What was the net income for the year? $fill in the blank 4 thousand
The following data (in thousands of dollars) have been taken from the accounting records of Rayburn Corporation for the current year. 400 Sales $1,980 Selling expenses 280 Manufacturing overhead 460 Direct labor Administrative expenses 300 Purchases of direct materials 240 Finished goods inventory, 240 beginning Finished goods inventory 320 ending Direct materials inventory, 80 beginning Direct materials inventory, 140 ending Work in process inventory, 140 beginning Work in process inventory, 100 ending Required: Enter all amounts in thousands of dollars. a. What was the cost of the direct materials used in production during the year? thousand b. What was the cost of goods manufactured for the year? thousand c. What was the cost of goods sold for the year? thousand d. What was the net income for the year? thousandStep by Step Solution
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