The following data (in thousands of dollars) have been taken from the accounting records of Karmana Corporation for the just completed year.
| Sales | $950 |
| Raw materials inventory, beginning | $10 |
| Raw materials inventory, ending | $30 |
| Purchases of raw materials | $120 |
| Direct labor | $200 |
| Manufacturing overhead | $230 |
| Administrative expenses | $100 |
| Selling expenses | $140 |
| Work in process inventory, beginning | $70 |
| Work in process inventory, ending | $40 |
| Finished goods inventory, beginning | $100 |
| Finished goods inventory, ending | $80 |
Use these data to prepare (in thousands of dollars) a schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold for the year. In addition, elaborate on the relationship between these schedules as they relate to the flow of product costs in a manufacturing company.
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