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

The following data (in thousands of dollars) have been taken from the accounting records of Karmana Corporation for the just completed year. (This company puts all manufacturing overhead into work in process during the month.) 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.

 

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