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 $68,160 $92,700 Materials Inventory, December 31 (a) 104,750 Materials purchased 173,130 (a) Cost of direct materials used in production 182,670 (b) Direct labor 256,960 208,580 Factory overhead 79,750 103,820 Total manufacturing costs incurred in December (b) 599,770 Total manufacturing costs 650,250 650,250 Work in process Inventory, December 1 Work in process Inventory, December 31 Cost of goods manufactured Finished goods inventory, December 1 Finished goods Inventory, December 31 110,420 115,190 120,640 130,870 223,410 (c) (c) 594,210 103,820 (d)