Problem: The following data (in thousands of dollars) have been taken from the accounting records of the Maroon Corporation for the just completed year.
Sales-1,150
Raw materials inventory, beginning--- 15
Raw materials inventory, ending--- 40
Purchases of raw materials--- 150
Direct labor--- 250
Manufacturing overhead--- 300
Administrative expenses--- 500
Selling expenses--- 300
Work in process inventory, beginning--- 100
Work in process inventory, ending--- 150
Finished goods inventory, beginning--- 80
Finished goods inventory, ending--- 120
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?