Basic Concepts The following data refer to one year. Fill in the blanks. Direct material inventory, January

Basic Concepts The following data refer to one year. Fill in the blanks.

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Direct material inventory, January 1...... Direct material inventory, December 31 Work-in-process inventory, January 1 Work-in-process inventory, December 31 Finished goods inventory, January 1 Finished goods inventory, December 31 a $ $3,600 2,700 3,800 1,900 300 Purchases of direct materials 16,100 Cost of goods manufactured during the year. b Total manufacturing costs 55,550 Cost of goods sold 56,050 Gross margin Direct labor Direct materials used Manufacturing overhead Sales revenue C 26,450 15,300 13,800 103,300