Question

The following data (in thousands of dollars) have been taken from the accounting records of Rayburn...

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
Purchases of direct materials 240
Finished goods inventory, beginning 240
Finished goods inventory, ending 320
Materials inventory, beginning 80
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?
$ thousand

b. What was the cost of goods manufactured for the year?
$ thousand

c. What was the cost of goods sold for the year?
$ thousand

d. What was the net income for the year?
$ thousand

Homework Answers

Answer #1

a. Raw materials used in production = Raw materials inventory, beginning + Purchases of raw materials - Raw materials inventory, ending = $80 + $240 - $140 = $180

b. Cost of goods manufactured = Raw materials used in production + Direct labor + Factory overhead + Work in process inventory, beginning - Work in process inventory, ending = $180 + $400 + $460 + $140 - $100 = $1,080

c. Cost of goods sold = Finished goods inventory, beginning + Cost of goods manufactured - Finished goods inventory, ending = $240 + $1,080 - $320 = $1,000

d. Net income = Sales - Cost of goods sold - Administrative expenses - Selling expenses = $1,980 - $1,000 - $300 - $280 = $400

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