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

1. which one of the following would be an example of a supply-side market failure? a. a gas station is slowly leaking diesel fuel from its underground tanks, and after the leak is discovered, the business immediately cleans up the pollution at its own expense. b. a gas station is slowly leaking diesel fuel from its underground tanks, but the state uses taxpayer money to clean up the pollution rather than requiring the business to pay. c. your business wants to attract repeat customers by putting on a customer-appreciation picnic at a public park, but you decide not to because you couldn't prevent noncustomers from consuming the food and entertainment you provided. d. everyone rushes to the local retail outlet at midnight on the day of the release of a new video game console, and the store runs out before everyone is able to buy one.