Karmana Corporation_schedule of Cost of Goods Manufactured and Cost of Goods Sold

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.