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 $86,220 $110,350 Materials Inventory, December 31 (0) 124,705 Materials purchased 218,900 (0) Cost of direct materials used in production 254,120 (b) Direct labor 325,020 248,285 Factory overhead 100,860 123,610 Total manufacturing costs incurred in December (b) 713,965 Total manufacturing costs 845,520 979,905 Work in process inventory, December 1 165,520 265,940 Work in process inventory, December 31 139,650 (c) Cost of goods manufactured (c) 707,355 145,690 125,285 Finished goods inventory, December 11 Finished goods inventory, December 31 Sales 152,590 (d) 1,270,720 1,103,580 Cost of goods sold (d) 715,640