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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 raw materials

240

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

140

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?

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