1 Exercise 2-37 (Algo) Prepare Statements for a Manufacturing Company (LO 2-2, 4) 25 The following balances are from the accounts of Tappan Parts: points January 1 (Beginning) $22,400 32,800 December 31 (Ending) 24,900 29,400 6,700 01:39:28 Direct materials inventory Work-in-process inventory Finished goods inventory 5,200 References Direct materials used during the year amountito $46,400 and the cost of goods sold for the year was $53,400. Required: Prepare a cost of goods sold statement. TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory $ 32,800 Manufacturing costs: Direct materials: 22,400 48,900 Beginning inventory Purchases Materials available 71,300 24,900 Less: Ending inventory 46,400 Direct materials used Other manufacturing costs Total manufacturing costs Total costs of work-in-process 1 of 1 Next