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 Company Off Company $68,270 $93,530 (a) 105,690 Materials inventory, December 1 Materials inventory, December 31 Materials purchased Cost of direct materials used in production 173,410 (a) 182,960 (b) Direct labor 257,380 210,440 79,880 104,750 (b) 605,140 651,300 830,550 131,080 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 225,410 (c) 110,600 (c) 599,530 104,750 115,380 120,840 (d) 1,006,300 935,300 (d) 605,140 Cost of goods sold Gross profit (e) (e) 131,080 Operating expenses (f) Net income (f) 207,640 Required: 2. Prepare On Company's statement of cost of goods manufactured for December. On Company Statement of Cost of Goods Manufactured For the Month Ended December 31 Work in process inventory, December 1 Direct materials: Materials inventory, December 1 Purchases $ Cost of materials available for use Less materials inventory, December 31 Cost of direct materials used in production Direct labor Factory overhead Total manufacturing costs incurred during December Total manufacturing costs Less work in process inventory, December 31 Cost of goods manufactured 3. Prepare On Company's income statement for December. On Company Income Statement For the Month Ended December 31 Sales Cost of goods sold: Finished goods inventory, December 1 Cost of goods manufactured Cost of finished goods available for sale DOJO Less finished goods inventory, December 31 Cost of goods sold Gross profit Operating expenses Net income