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 Company Off Company Materials inventory, December 1 $76,630 $104,220 Materials inventory, December 31 (a) 117,770 Materials purchased 194,640 (a) Cost of direct materials used in production 205,370 (b) Direct labor 288,900 234,500 Factory overhead 89,660 116,730 Total manufacturing costs incurred in December (b) 674,300 Total manufacturing costs 731,060 731,060 Work in process inventory, December 1 147,130 251,170 Work in process inventory, December 31 124,140 (c) Cost of goods manufactured (c) 668,050 Finished goods inventory, De