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

$200

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.