The following data (in thousands of dollars) have been taken from the accounting records of Karmana Corporation

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 ………………$50

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.