Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December On off Company Company Materials inventory, December 1 562,490 $83,740 Materials inventory, December 31 (a) 94,630 Materials purchased 158,720 (a) Cost of direct materials used in production 167,470 (b) Direct labor 235,500 188,420 Factory overhead 73,110 93,790 Total manufacturing costs incurred in December (b) 541,800 Total manufacturing costs 596,150 743,610 Work in process inventory, December 1 119,960 201,810 Work in process inventory, December 31 101,230 (c) Cost of goods manufactured (c) 536,770 Finnhed goods inventory, December 1 105,610 93,790 Finished goods inventory, December 31 110,610 (d) Sales 921,100 837,400 Cast of goods sold (d) 541,000 Gross profit (e) (e) Operating expenses 119,900 00 Net income 145,9001 Check My Work Previous Next