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 or Company Company Materials inventory, December 1 $73,260 $98,170 Materials inventory, December 31 (a) 110,930 Materials purchased 186,080 (a) Cost of direct materials used in production 196,340 (b) Direct labor 276,190 220,880 Factory overhead 85,710 109,958 Total manufacturing costs incurred in December (6) 635,160 Total manufacturing costs 698,900 871,750 Work in process inventory, December 1 140,660 236,590 Work in process inventory, December 31 118,680 (c) Cost of goods manufactured (c) 629,270 Finished goods inventory, December 1 123,810 109,950 Finished goods inventory, December 31 129,670 (d Sales 1,079,850 981,700 Cost of goods sold (d) 635,160 Gross profit (e) (e) Operating expenses 140,660 (0) eBook 19079,850 Cost of goods sold 635,160 Gross profit Operating expenses 140,660 Net income 217.940 Required: 1. Determine the amounts of the missing items, Identifying them by letter. Enter all amounts as positive numbers Letter On Company off Company b Feedback Check My Work 1 a. The cost of direct materials used in production includes the beginning materials inventory plus purchases, less the ending materials inventory b. Total manufacturing costs incurred during December include direct materials, direct labor, and factory overhead c. The cost of goods manufactured is beginning work in process plus total manufacturing costs less the ending work in process d. The cost of goods sold is the beginning finished goods plus the cost of goods manufactured, less the ending finished good Cele ministeren Next Check My Work 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: 73.260 186,080 Materials inventory, December 1 Purchases Cost of materials available for use Less materials inventory, December 31 Cost of direct materials used in production 259.340 I 196,340 Direct labor 276,190 85,710 Factory overhead Total manufacturing costs incurred during December Total manufacturing costs Less work in process inventory, December 31 Cost of goods manufactured Feedback Check My Work Neyt factory overhead, less the ending work in process 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 Less finished goods inventory, December 31 Cost of goods sold Gross profit Operating expenses Net income Check War 3. Sales minus cost of goods sold equals gross profit Cost of goods sold is equal to beginning Finished Goods plus cost of Goods Martat