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 11 $73,310 $99,700 Materials inventory, December 31 (a) 112,660 Materials purchased 186,210 (a) Cost of direct materials used in production 196,470 (b) Direct labor 276,380 224,330 Factory overhead 85,770 111,660 Total manufacturing costs incurred in December (b) 645,060 Total manufacturing costs 699,380 699,380 Work in process inventory, December 1 140,760 240,280 Work in process inventory, December 311 118,760 (c) Cost of goods manufactured i (c) 639,080 Finished goods inventory, December 1 123,890 111,660 Finished goods inventory, December 31 129,760 (d) Sales 1,080,590 997,000 Cost of goods sold (d) 645,060 Gross profit (e) (e) Operating expenses 140,760 (f) (c) 221,330 Net income Required: