eBook 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 com Calculator Print Item On off Company Company $86,520 $111,610 (a) 126,120 251,120 Materials inventory, December 31 Materials purchased Cost of direct materials used in production Direct labor Factory overhead 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 Gross profit Operating expenses Net income 219,760 231,870 326,180 101,230 825,400 166,120 140,160 825,400 268,980 (c) 715,420 125,000 146,220 153,140 1,275,300 1,116,100 (d) 722,120 166,120 (f) 247,770