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 $1,980 Selling expenses 280 Manufacturing overhead 460 Direct labor 400 Administrative expenses 300 Purchases of direct materials 240 Finished goods inventory, beginning 240 Finished goods inventory, ending 320 Direct materials inventory, beginning 80 Direct materials inventory, ending 140 Work in process inventory, beginning 140 Work in process inventory, ending 100 Required: Enter all amounts in thousands of dollars. a. What was the cost of the direct materials used in production during the year?fill in the blank 1 of 1$ thousand b. What was the cost of goods manufactured for the year?fill in the blank 1 of 1$ thousand c. What was the cost of goods sold for the year?fill in the blank 1 of 1$ thousand d. What was the net income for the year?fill in the blank 1 of 1$ thousand
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 $1,980 Selling expenses 280 Manufacturing overhead 460 Direct labor 400 Administrative expenses 300 Purchases of direct materials 240 Finished goods inventory, beginning 240 Finished goods inventory, ending 320 Direct materials inventory, beginning 80 Direct materials inventory, ending 140 Work in process inventory, beginning 140 Work in process inventory, ending 100 Required: Enter all amounts in thousands of dollars. a. What was the cost of the direct materials used in production during the year?fill in the blank 1 of 1$ thousand b. What was the cost of goods manufactured for the year?fill in the blank 1 of 1$ thousand c. What was the cost of goods sold for the year?fill in the blank 1 of 1$ thousand d. What was the net income for the year?fill in the blank 1 of 1$ thousand
Chapter4: Job Order Costing
Section: Chapter Questions
Problem 6PB: During the year, a company purchased raw materials of $77,321 and incurred direct labor costs of...
Related questions
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 | $1,980 |
| Selling expenses | 280 |
| Manufacturing overhead | 460 |
| Direct labor | 400 |
| Administrative expenses | 300 |
| Purchases of direct materials | 240 |
| Finished goods inventory, beginning | 240 |
| Finished goods inventory, ending | 320 |
| Direct materials inventory, beginning | 80 |
| Direct materials inventory, ending | 140 |
| Work in process inventory, beginning | 140 |
| Work in process inventory, ending | 100 |
Required:
Enter all amounts in thousands of dollars.
a. What was the cost of the direct materials used in production during the year?
fill in the blank 1 of 1$ thousand
b. What was the cost of goods manufactured for the year?
fill in the blank 1 of 1$ thousand
c. What was the cost of goods sold for the year?
fill in the blank 1 of 1$ thousand
d. What was the net income for the year?
fill in the blank 1 of 1$ thousand
AI-Generated Solution
AI-generated content may present inaccurate or offensive content that does not represent bartleby’s views.
Unlock instant AI solutions
Tap the button
to generate a solution
Recommended textbooks for you
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,