The following data (in thousands of dollars) have been taken from the accounting records of ABC Corporation for the current year.

Analyze the data and answer the following questions

Sales	$3000
Selling expenses	300
Manufacturing overhead	610
Direct labor	550
Administrative expenses	420
Purchases of raw materials	400
Finished goods inventory, beginning	410
Finished goods inventory, ending	470
Raw materials inventory, beginning	210
Raw materials inventory, ending	260
Work in process inventory, beginning	270
Work in process inventory, ending	150

1.What is the cost of the raw materials used in production during the year (in thousands of dollars)?

2.What is the manufacturing cost during the year (in thousands of dollars)?

3. What is the cost of goods manufactured (finished) for the year (in thousands of dollars)?

4. What is the cost of goods sold for the year (in thousands of dollars)?

5. What is the net income for the year (in thousands of dollars)?