eBook Calculator 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 1 $71,790 $96,920 Materials inventory, December 31 (a) 109,520 Materials purchased 182,350 (a) Cost of direct materials used in production 192,400 (b) Direct labor 270,650 218,070 Factory overhead 83,990 108,550 Total manufacturing costs incurred in December (b) 627,070 Total manufacturing costs 684,880 860,650 Work in process inventory, December 1 137,840 233,580 Work in process inventory, December 31 116,300 (c) Cost of goods manufactured (c) 621,260 Finished goods inventory, December 1 121,330 108,550 Finished goods inventory, December 31 127,070 (d) Sales 1,058,180 969,200 Cost of goods sold (d) 627,070 Gross profit (e) (e) Operating expenses 137,840 (f) Net income (f) 215,160 Required: