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Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several Items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December: On off Company Company Materials inventory, December $62,770$80,350 Matertials inventory, December 31 (a) 90,800 Materials purchased 159,440 180,790 168,220 236,640 73,440 89,990 Cost of direct materials used in production Direct labor Factory overhead (b) 519,860 Total manufacturing costs incurred in December Total manufacturing costs Work in process inventory, December 1 Work in process inventory, December 31 Cost of goods manufactured Finished goods inventory, December 1 Finished goods inventory, December 31 Sales Cost of goods sold 598,830 598,820 120,520 193,640 01,690 () 515,040 106,080 89,990 111,100 925,230 803,50 (d) 19,860 Gross profit Operating expenses 120,520 (o 178,380 Net income Previous Ne All work saved