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

for the just-completed year.

Sales ……………………………………………………………… $1,000

Raw materials inventory, beginning ……………………$130

Raw materials inventory, ending …………………………..$90

Purchases of raw materials ………………………………….$220

Direct labor …………………………………………………………$240

Manufacturing overhead ……………………………………$210

Administrative expenses …………………………………….$200

Selling expenses ……………………………………….. ………$240

Work-in-process inventory, beginning ………………..$25

Work-in-process inventory, ending ……………………..$45

Finished goods inventory, beginning …………………$200

Finished goods inventory, ending ………………………$160

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.

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