Print Item Company Company Materials inventory, December 31 Materials purchased Cost of direct materials used in production Direct labor Factory overhead (a) 126,120 219,760251,120 231,870 326,180 101,230 I 125,000 (b) 722,120 Total manufacturing costs Work in process inventory, December 1 Work in process inventory, December 31 825,400825,400 166,120 268,980 140,160 (c) 715,420 Finished goods inventory, December 1 146,220125,000 153,140 Finished goods inventory, December 31 1,275,300 1,116,100 (d)722,120 Cost of goods sold Gross proft Operating expenses Net income 166,120 24 Next /1S/2018 Print Item Company Company Materials inventory, December 31 Materials purchased Cost of direct materials used in production Direct labor Factory overhead (a) 126,120 219,760251,120 231,870 326,180 101,230 I 125,000 (b) 722,120 Total manufacturing costs Work in process inventory, December 1 Work in process inventory, December 31 825,400825,400 166,120 268,980 140,160 (c) 715,420 Finished goods inventory, December 1 146,220125,000 153,140 Finished goods inventory, December 31 1,275,300 1,116,100 (d)722,120 Cost of goods sold Gross proft Operating expenses Net income 166,120 24 Next /1S/2018