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 Materials Inventory, December 1 On off Company Company $61,110 183.110 Materials inventory, December 31 (a) 93,910 Materials purchased 155,220 (x) Cost of direct materials used in production 163,770 (b) Direct labor 230,300 187,000 factory overhead 71,500 $3,000 Total manufacturing costs incurred in December (b) 537,720 Total manufacturing costs 582,980 582,980 Work in process inventory, December 1 117,330 200,300 Work in process inventory, December 31 99,000 (0) Cost of goods manufactured (c) 532,740 Finished goods inventory, December 1 103,280 93,000 Finahed goods inventory, December 31 108,160 (d) Sales 500,760 831,100 Cost of goods sold (i) 537,720 Gross profit (e) (e) Operating expenses 117,330 Net income Required 0 184,500