4.(TCO A) The following data (in thousands of dollars) have been taken from the accounting records of the Maroon Corporation for the just-completed year.
| Sales | 1,200 |
| Raw materials inventory, beginning | 25 |
| Raw materials inventory, ending | 50 |
| Purchases of raw materials | 180 |
| Direct labor | 230 |
| Manufacturing overhead | 250 |
| Administrative expenses | 400 |
| Selling expenses | 200 |
| Work-in-process inventory, beginning | 150 |
| Work-in-process inventory, ending | 120 |
| Finished goods inventory, beginning | 100 |
| Finished goods inventory, ending | 110 |
Use the above 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, what is the impact on the financial statements if the ending finished goods inventory is overstated or understated? (Points : 25)
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