The following data (in thousands of dollars) have been taken from the accounting records of Rayburn Corporation for the current year: Sales $1,980 Selling expenses 280 Factory overhead 460 Direct labor 400 Administrative expenses 300 Direct materials purchased during year 240 Finished goods inventory, January 1 240 Finished goods inventory, December 31 320 Materials inventory, January 1 80 Materials inventory, December 31 140 Work in process inventory, January 1 140 Work in process inventory, December 31 100 Required: Enter all amounts in thousands of dollars. a. Determine of the direct materials used in production during the year. $fill in the blank 1 thousand b. Determine of goods manufactured for the year. $fill in the blank 2 thousand c. Determine cost of goods sold for the year. $fill in the blank 3 thousand d. Determine net income for the year. $fill in the blank 4 thousand
The following data (in thousands of dollars) have been taken from the accounting records of Rayburn Corporation for the current year: Sales $1,980 Selling expenses 280 Factory overhead 460 Direct labor 400 Administrative expenses 300 Direct materials purchased during year 240 Finished goods inventory, January 1 240 Finished goods inventory, December 31 320 Materials inventory, January 1 80 Materials inventory, December 31 140 Work in process inventory, January 1 140 Work in process inventory, December 31 100 Required: Enter all amounts in thousands of dollars. a. Determine of the direct materials used in production during the year. $fill in the blank 1 thousand b. Determine of goods manufactured for the year. $fill in the blank 2 thousand c. Determine cost of goods sold for the year. $fill in the blank 3 thousand d. Determine net income for the year. $fill in the blank 4 thousand
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:
| Sales | $1,980 |
| Selling expenses | 280 |
| Factory |
460 |
| Direct labor | 400 |
| Administrative expenses | 300 |
| Direct materials purchased during year | 240 |
| Finished goods inventory, January 1 | 240 |
| Finished goods inventory, December 31 | 320 |
| Materials inventory, January 1 | 80 |
| Materials inventory, December 31 | 140 |
| Work in process inventory, January 1 | 140 |
| Work in process inventory, December 31 | 100 |
Required:
Enter all amounts in thousands of dollars.
a. Determine of the direct materials used in production during the year.
$fill in the blank 1 thousand
b. Determine of goods manufactured for the year.
$fill in the blank 2 thousand
c. Determine cost of goods sold for the year.
$fill in the blank 3 thousand
d. Determine net income for the year.
$fill in the blank 4 thousand
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