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 Off Company Company Materials inventory, December 1 $68,270 $86,020 Materials inventory, December 31 (a) 97,200 Materials purchased 173,410 (a) Cost of direct materials used in production 182,960 (b) Direct labor 257,380 193,550 Factory overhead 79,880 96,340 Total manufacturing costs incurred in December (b) 556,550 Total manufacturing costs 651,300 651,300 Work in process inventory, December 1 131,080 207,310 Work in process inventory, December 31 110,600 (c) Cost of goods manufactured (c) 551,390 Finished goods inventory, December 1 115,380 96,340 Finished goods inventory, December 31 Sales 120,840 (d) 1,006,300 860,200 Cost of goods sold (d) 556,550