Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December 2016 On Company Off Company 2 Materials inventory, December 1 $65,800.00 $195,300.00 3Materials inventory, December 31 91,140.00 Materials purchased 5 Cost of direct materials used in production 6 Direct labor 7 Factory overhead 8 Total manufacturing costs incurred during December 9 Total manufacturing costs 10 Work in process inventory, December 1 11 Work in process inventory, December 31 12 Cost of goods manufactured 13 Finished goods inventory, December 1 14 Finished goods inventory, December 31 15 Sales 16 Cost of goods sold 17 Gross profit 18 Operating expenses 19 Net income 282,800.00 317,800.00 387,800.00 148,400.00 577,220.00 256,060.00 1,519,000.00 1,727,320.00 208,320.00 973,000.00 119,000.00 172,200.00 (),00 1,532,020.00 224,000.00 197,400.00 1,127,000.00 269,080.00 1,944,320.00 1,545,040.00 117,600.00 164,920.00