The Following Data
(In Thousands of Dollars) Have Been

question 214

Essay

The following data
(in thousands of dollars) have been taken from the accounting records of Rayburn Corporation for the current year.​​ $\begin{array}{lr}\text { Sales } & \$ 1,980 \\\text { Selling expenses } & 280 \\\text { Factory overhead } & 460 \\\text { Direct labor } & 400 \\\text { Administrative expenses } & 300 \\\text { Purchases of direct materials } & 240 \\\text { Finished goods inventory, beginning } & 240 \\\text { Finished goods inventory, ending } & 320 \\\text { Materials inventory, beginning } & 80 \\\text { Materials inventory, ending } & 140 \\\text { Work in process inventory, beginning } & 140 \\\text { Work in process inventory, ending } & 100\end{array}$ 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.

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Definitions:

Happiness

A state of well-being and contentment characterized by emotions ranging from contentment to intense joy.

James-Lange Theory

A theory of emotion that proposes emotions result from the awareness of physiological responses to stimuli.

Vent Anger

The act of expressing or releasing feelings of anger in a manner that can be constructive or destructive.

Hostility

An antagonistic attitude or feeling of enmity towards others, often manifesting in aggressive behavior.