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 tw On Off Company Company Materials inventory, December 1 $86,210 $110,330 Materials inventory, December 31 (a) 124,720 Materials purchased 218,900 (a) Cost of direct materials used in production 254,110 (b) Direct labor 325,000 248,290 Factory overhead 100,870 123,590 Total manufacturing costs incurred in December (b) 713,920 Total manufacturing costs 845,500 979,860 Work in process inventory, December 1 165,520 265,940 Work in process inventory, December 31 139,650 () Cost of goods manufactured (c) 707,320 Finished goods inventory, December 1 145,690 125,385 Finished goods inventory, December 31 152,550 (d) Sales 1,270,720 1,103,540 Cost of goods sold (d) 715,725 Gross profit (e) (e) Operating expenses 165,510 (f) (f) 243,255 Net income Required: Required: 1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers. Letter Off Company On Company -72,070 X 342,015 X a. b. 638,550 X 356,415 X 663,690 X 272,555 X C. d. 656,980 X 116,980 578,230 X 388,660 X e. 417,330 X 144,540 X Prepare On Company's statement of cost of goods manufactured for December. ote: If an amount should be subtracted, begin entry with a minus (-) sign. On Company Statement of Cost of Goods Manufactured For the Month Ended December 31 Work in process inventory, December 1 165,520 Direct materials: Materials inventory, December 1 Purchases $ 86,210 218,900 Cost of materials available for use 305,110 Materials inventory, December 31 55,000 X Cost of direct materials used in production $250,110 X Direct labor Factory overhead Total manufacturing costs incurred during December Total manufacturing costs Work in process inventory, December 311 325,030 X 100,890 XXX Cost of goods manufactured 676,030 X 841,550 X 139,630 X 701,920 X TA Prepare On Company's income statement for December. Ote: If an amount should be subtracted, begin entry with a minus (-) sign. 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 Finished goods inventory, December 31 Cost of goods sold Gross profit Operating expenses Net income 69 1,270,720 $ 145,690 X 701,920 X $847,610 X 152,550 X X 695,060 X 575,660 X 165,500 x 410,160 X