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Use the above data to prepare in thousands of dollars

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

Sales

1,150

Raw materials inventory, beginning

15

Raw materials inventory, ending

40

Purchases of raw materials

150

Direct labor

250

Manufacturing overhead

300

Administrative expenses

500

Selling expenses

300

Work in process inventory, beginning

100

Work in process inventory, ending

150

Finished goods inventory, beginning

80

Finished goods inventory, ending

120

Use the above data to prepare (in thousands of dollars) schedule of Cost of Goods Manufactured and Schedule of Cost of Goods Sold for the year. In addition, what is the impact on the financial statements if the ending finished goods inventory is overstated or understated?

Reference no: EM13389081

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