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 ......................................................... $180
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.