The following data (in thousands of dollars) have been taken from the accounting records of Karmana Corporation for the just-completed year.
Sales ...............................................................................................$1,500
Raw materials inventory, beginning ...............................................$20
Raw materials inventory, ending ..........................,.........................$40
Purchases of raw materials .............................................................$150
Direct labor .......................................................................................$180
Manufacturing overhead ...............................................................$250
Administrative expenses ...............................................................$100
Selling expenses .............................................................................$140
Work-in-process inventory, beginning ........................................$80
Work-in-process inventory, ending .............................................$50
Finished goods inventory, beginning ........................................$125
Finished goods inventory, ending ...............................................$60
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