3. (TCO A) The following data (in thousands of dollars) have been taken from the accounting records of Karmana Corporation for the just-completed year. Sales ..........................................................................$1,950 Raw materials inventory, beginning ..........................$50 Raw materials inventory, ending ................................$30 Purchases of raw materials ........................................$360 Direct labor ..................................................................$120 Manufacturing overhead ..........................................$175 Administrative expenses ............................................$100 Selling expenses ..........................................................$140 Work-in-process inventory, beginning .....................$50 Work-in-process inventory, ending ...........................$70 Finished goods inventory, beginning ......................$200 Finished goods inventory, ending ............................$105 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. (Points : 25)