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 11 $77,910 $101,280 Materials inventory, December 31 (a) 114,450 Materials purchased 197,890 (a) Cost of direct materials used in production 208,800 (b) Direct labor 293,720 227,880 Factory overhead 91,150 113,430 Total manufacturing costs incurred in December (b) 655,280 Total manufacturing costs 743,260 743,260 Work in process inventory, December 1 149,590 244,080 Work in process inventory, December 31 126,210 (c) Cost of goods manufactured (c) 649,200 Finished goods inventory, December 1 131,670 113,430 Finished goods inventory, December 31 137,900 (d) Sales 1,148,390 1,012,800 Cost of goods sold (d) 655,280 Gross profit (e) (e) Operating expenses 149,590 (0 224,840 Net income Required: