On Off Company Company $65,800 $195,300 91,140 Materials inventory, December 1 Materials inventory, December 31 Materials purchased Cost of direct materials used in production Direct labor Factory overhead Total manufacturing costs incurred in December Total manufacturing costs 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 Sales Cost of goods sold Gross profit Operating expenses Net income Required 282,800 317,800 387,800 148,400 577,220 256,060 (b)1,519,000 973,000 1,727,320 208,320 119,000 172,200 (c) 1,532,020 224,000 269,080 197,400 1,127,000 1,944,320 (d) 1,545,040 117,600 (f) 164,920