Accounting records of karmana corporation

Reference no: EM13756871

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, elaborate on the relationship between these schedules as they relate to the flow of product costs in a manufacturing company.

Reference no: EM13756871

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