4. (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 ................................................................$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, elaborateorate on the relationship between these schedules as they relate to the flow of product costs in a manufacturing company. (Points : 15)