The following data (in thousands of dollars) have been taken from the accounting records of Rayburn Corporation for the current year. 
Required: (Present all calculations in thousands of dollars.)
(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.
Definitions:
Sample Size
The total number of instances or replications incorporated in a statistical sampling.
Population Proportion
The fraction or percentage of the population that exhibits a specific attribute or characteristic.
Sampling Distribution
The probability distribution of a given statistic based on a random sample, reflecting how the statistic varies from sample to sample.
Standard Error
An estimate of the standard deviation of the sampling distribution of a statistic, especially of the mean.
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