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

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Accounting

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The following data (in thousands of dollars) have been taken from the accounting records of Casey Corporation for the just completed year. (Note that this is the same data as that provided for the question above.) Administrative expense $ 300 Direct labor 400 240 Finished goods inventory, beginning Finished goods inventory, ending 320 Manufacturing overhead 460 Purchases of raw material 240 80 Raw materials inventory, beginning Raw materials inventory, ending 140 Sale 1,980 Selling expense 280 140 Work in process inventory, beginning Work in process inventory, ending 100 The net income for the year (in thousands of dollars) was: $300. A) $400. B) $500. C) $980. D)

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