Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December: Off On Company Company Materials inventory, December 1 $55,260 $72,390 Materials inventory, December 31 (a) 81,800 Materials purchased 140,360 (a) Cost of direct materials used in production 148,100 (b) Direct labor 208,330 162,880 Factory overhead 64,650 81,080 Total manufacturing costs incurred in December (b) 468,360 Total manufacturing costs 527,180 527,180 Work in process inventory, December 1 106,100 174,460 Work in process inventory, December 31 89,520 Cost of goods manufactured (c) 464,020 Finished goods inventory, December 1 93,390 81,080 Finished goods inventory, December 31 97,810 (d) Sales 814,530 723,900 Cost of goods sold (d) 468,360 Gross profit (e) (e) Operating expenses 106,100 (f) Net income (f) 160,710