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 Company Company Materiais inventory, December 1 Materials inventory, December 31 Materials purchased Cost of direct materials used in production Direct labor Factory overhead Total manufacturing costs incurred in December $61,860 $83,510 )94,370 57,120 187,900 165,780 233,210 72,38093,530 (b) 540,310 590,140590,140 118,770 201,260 Total manufacturing costs Work in process inventory, December Work in process inventory, December 31 Cost of goods manufactured Fnished goods inventory, December 3 Finished goods inventory, December 31 () 535,300 04,54093,530 911,820 835,100 Cost of goods sold Gross profit Operating expenses Net income d) 540,310 118,770 C0 185,390 Previous Nod Submit Test for Gr