he following data (in thousands of dollars) have been taken from the accounting records of Rayburn Corporation for the current year. Line Item Description Amount Sales $1,980 Selling expenses 280 Manufacturing overhead 460 Direct labor 400 Administrative expenses 300 Purchases of direct materials 240 Finished goods inventory, beginning 240 Finished goods inventory, ending 320 Direct materials inventory, beginning 80 Direct materials inventory, ending 140 Work in process inventory, beginning 140 Work in process inventory, ending 100 Required: Enter all amounts 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?
he following data (in thousands of dollars) have been taken from the accounting records of Rayburn Corporation for the current year. Line Item Description Amount Sales $1,980 Selling expenses 280 Manufacturing overhead 460 Direct labor 400 Administrative expenses 300 Purchases of direct materials 240 Finished goods inventory, beginning 240 Finished goods inventory, ending 320 Direct materials inventory, beginning 80 Direct materials inventory, ending 140 Work in process inventory, beginning 140 Work in process inventory, ending 100 Required: Enter all amounts 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?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The following data (in thousands of dollars) have been taken from the accounting records of Rayburn Corporation for the current year.
| Line Item Description | Amount |
|---|---|
| Sales | $1,980 |
| Selling expenses | 280 |
| Manufacturing |
460 |
| Direct labor | 400 |
| Administrative expenses | 300 |
| Purchases of direct materials | 240 |
| Finished goods inventory, beginning | 240 |
| Finished goods inventory, ending | 320 |
| Direct materials inventory, beginning | 80 |
| Direct materials inventory, ending | 140 |
| Work in process inventory, beginning | 140 |
| Work in process inventory, ending | 100 |
Required:
Enter all amounts 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?
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