The following data (in thousands of dollars) have been taken from the accounting records of Karmana Corporation for the just-completed year.

Sales ...............................................................................................$1,500

Raw materials inventory, beginning ...............................................$20

Raw materials inventory, ending ..........................,.........................$40

Purchases of raw materials .............................................................$150

Direct labor .......................................................................................$180

Manufacturing overhead ...............................................................$250

Administrative expenses ...............................................................$100

Selling expenses .............................................................................$140

Work-in-process inventory, beginning ........................................$80

Work-in-process inventory, ending .............................................$50

Finished goods inventory, beginning ........................................$125

Finished goods inventory, ending ...............................................$60

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.