The following data (in thousands of dollars) are from Rayburn Corporation's accounting records for the current year.

Sales	$1,980
selling expenses	280
factory load	460
direct labor	400
administrative expenses	300
Direct material purchases	240
Finished goods inventory, initial	240
Finished product inventory	320
Material inventory, initial	80
Material inventory, finish	140
Working in process inventory, starting	140
Working in process inventory, finished	100

Necessary:

Enter all amounts in thousands of dollars.

A. How much did the direct materials used in production cost during the year?
thousand dollars

B. What was the cost of goods produced during the year?
thousand dollars

C. What was the cost of goods sold during the year?
thousand dollars

D. What was the net income for the year?

Answer rating: 100% (QA)

A To calculate the cost of direct materials used in production we need to find the change in the mat... View the full answer