Question 1 The following data (in thousands of dollars) have been taken from the accounting records of Karlana Corporation for the year just ended Sales $910 Raw materials inventory, beginning $80 Raw materials inventory, ending $20 Purchase of raw materials $100 Direct labour $130 Manufacturing overhead $200 Administrative expenses $160 Selling expenses $140 Work in progress inventory, beginning $40 Work in progress inventory, ending $10 finished goods inventory, beginning $130 finished goods inventory, ending $150   What was the cost of goods sold for the year (in thousands of dollar)?   Multiple Choice O $530 O $520 O $500 O $460 Question 3 An income statement for Crandall’s, Bookstore for the first quarter of the current year is presented below: CRANDALU’s BOOKSTORE Income Statement for the First Quarter of the Current Year Sales   $800,000 Less: Cost of Goods Sold all variable   560,000 Gross Margin   240,000 Less operating expenses     Selling $98,000   Administrative 98,000   Operating income   $44,000   On average, a book sells for $50