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 $70,900 $95,010 Materials inventory, December 31 (a) 107,360 Materials purchased 180,090 (a) Cost of direct materials used in production 190,010 (b) Direct labor 267,290 213,770 Factory overhead 82,950 106,410 Total manufacturing costs incurred in December (b) 614,710 Total manufacturing costs 676,380 843,680 Work in process inventory, December 1 136,130 228,970 Work in process inventory, December 31 114,860 (c) Cost of goods manufactured (c) 609,010 Finished goods inventory, December 1 119,820 106,410 Finished goods Inventory, December 31 125,490 (d) Sales 1,045,070 950,100 Cost of goods sold (d) 614,710 Gross profit (e) (e) Operating expenses 136,130 (f) Net income (0) 210,920