< 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 $64,540 $81,970 Materials inventory, December 31 (e) 92,630 Materials purchased 163,930 (a) Cost of direct materials used in production 172,970 (b) Direct labor 243,320 184,430 Factory overhead 75,510 91,810 Total manufacturing costs incurred in December (b) 530,350 Total manufacturing costs 615,720 615,720 Work in process inventory, December 1 123,920 197,550 Work in process inventory, December 31 Cost of goods manufactured 104,550 (c) (c) 525,430 Finished goods inventory, December 10 109,070 91,810 Finished goods inventory, December 31 114,240 (d) Sales 951,320 819,700) Cost of goods sold (d) 530,350 Gross profit (e) (e)