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:

Accommodation

Accommodation in psychology refers to cognitive process of adjusting one's mental schemas to incorporate new information from experiences.

Fovea

The fovea is a small, central pit composed of closely packed cones in the eye, responsible for sharp central vision necessary for activities like reading and driving.

Iris

The colored part of the eye surrounding the pupil, which adjusts the size of the pupil to regulate the amount of light entering the eye.

Pupil

The central, circular opening in the iris of the eye, which regulates the amount of light that enters the eye to reach the retina.