. Prepare On Company's statement of cost of goods manufactured for December. On Company Statement of Cost of Goods Manufactured For the Month Ended December 31 Work in process inventory, December 1Y 108,380 Direct materials: Materials inventory, December 1 Purchases Cost of materials available for use Materlals Iiventory, December 31 56,450 143,380 48,540 V Cost of direct materials used in production Direct labor Y Factory overhead Total manufacturing costs incurred during December Total manufacturing costs 151,290 212,820 66,050 430,160 Work in process inventory, December 31 91,450 Cost of goods manufactured 447,090 Check My Work 2. The cost of goods manufactured is the beginning work in process plus the cost of direct materials used in production Check My Work more Check My Work uses remaining All work saved 2. The cost of goods m 3. Prepare On Company's income statement for December. On Company Income Statement For the Month Ended December 31 832,070 Sales Cost of goods sold: Finished goods inventory, December 1 $95,400 Cost of goods manufactured Cost of finished goods available for sale Finished goods inventory, December 319,920 447,090 v Cost of goods sold 442,570 3 Gross profit Operating expenses Net income Y 389,500 108,380 281,120 Feedback Check My Work 3. Sales minus cost of goods sold equals gross profit. Cost of goods sold is equal to beginning F Gross profit minus operating expenses equals net income. Feedback Check My Work 1 more Check My Work uses remaining All work saved