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:

Self-Actualizing Manager

A self-actualizing manager is one who has reached a state of fulfillment in which they realize their potential capacities and capabilities, often focusing on personal growth, autonomy, and realizing their personal vision within their professional role.

Negative Information

Data or details that reflect poorly on a person, situation, or entity, often highlighting flaws, dangers, or undesirable outcomes.

Self-Actualization Needs

The highest level in Maslow's hierarchy of needs, where individuals strive for fulfillment, creativity, and the realization of their potential.

Abram Maslow

An American psychologist best known for creating Maslow's hierarchy of needs, a theory of psychological health predicated on fulfilling innate human needs in priority, culminating in self-actualization.