Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the m On Off Company Company Materials inventory, December 1 $67,570 $85,810 Materials inventory, December 31 (a) 96,970 Materials purchased 171,630 (a) Cost of direct materials used in production 181,090 (b) Direct labor 254,740 193,070 Factory overhead 79,060 96,110 Total manufacturing costs incurred in December (b) 555,190 Total manufacturing costs 644,620 761,990 Work in process inventory, December 1 129,730 206,800 Work in process inventory, December 31 109,460 () Cost of goods manufactured (c) 550,040 Finished goods inventory, December 1 114,190 96,110 Finished goods inventory, December 31 119,600 (d) Sales 995,980 858,100 Cost of goods sold (d) 555,190 Gross profit (e) (e) Operating expenses 129,730 (f) Net income Required: (f) 190,500