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?