Exercise 2-43 (Algo) Basic Concepts (LO 2-1, 2) The following data refer to one year for Monroe Fabricators. Fill in the blanks. Direct materials inventory, January 1 $ 2,660 Direct materials inventory, December 31 Work-in-process inventory, January 1 2,620 Work-in-process inventory, December 31 3,970 Finished goods inventory, January 1 1,870 Finished goods inventory, December 31 240 Purchases of direct materials 16,010 Cost of goods manufactured during the year 53,440 Total manufacturing costs Cost of goods sold 55,070 Gross margin 48,250 Direct labor Direct materials used 14,660 Manufacturing overhead 13,720 Sales revenue