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 2014 Grant McClellan Company Company Materials inventory, December 1 $65,430 $87,680 Materials inventory, December 31 (a) 99,080 Materials purchased 166,190 197,280 Cost of direct materials used in production 175,350 (a) Direct labor 246,670 Factory overhead 76,550 98,200 Total manufacturing costs incurred during December (b) 567,290 Total manufacturing costs 624,200 778,600 Work in process inventory, December 1 211,310 125,630 Work in process inventory, December 31 106,000 (c) Cost of goods manufactured (c) 562,030 Finished goods inventory, December 1 110,580 98,200 Finished goods inventory, December 31 115,810 (d) 964,440 876,800 Sales Cost of goods sold (d) 567,290 Gross profit (e) (e) Operating expenses 12S,630 (f) 194,650 Net income