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

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