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.