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 ......................................................$200

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.