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 $67,550 $85,110 Materials inventory, December 31 (a) 96,170 Materials purchased 171,580 (a) Cost of direct materials used in production 181,030 (b) Direct labor 254,660 191,500 Factory overhead 79,030 95,320 Total manufacturing costs incurred in December (b) 550,660 Total manufacturing costs 644,420 644,420 Work in process inventory, December 1 129,700 205,120 Work in process inventory, December 31 109,430 (c) Cost of goods manufactured (c) 545,560 Finished goods inventory, December 1 114,160 95,320 Finished goods inventory, December 31 119,560 (d) Sales 995,690 851,100 Cost of goods sold (d) 550,660 Gross profit (e) (e)