The Following Data
(In Thousands of Dollars) Have Been

The following data
(in thousands of dollars) have been taken from the accounting records of Rayburn Corporation for the current year.​​ $\begin{array}{lr}\text { Sales } & \$ 1,980 \\\text { Selling expenses } & 280 \\\text { Factory overhead } & 460 \\\text { Direct labor } & 400 \\\text { Administrative expenses } & 300 \\\text { Purchases of direct materials } & 240 \\\text { Finished goods inventory, beginning } & 240 \\\text { Finished goods inventory, ending } & 320 \\\text { Materials inventory, beginning } & 80 \\\text { Materials inventory, ending } & 140 \\\text { Work in process inventory, beginning } & 140 \\\text { Work in process inventory, ending } & 100\end{array}$ Required
(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?​Present all calculations in thousands of dollars.