5 1 oints eBook seved The following balances are from the accounts of Tappan Parts: Direct materials inventory Work-in-process inventory Finished goods inventory January 1 December 31 (Beginning) 21,700 (Ending) $25,300 32,500 28,800 6,000 7,000 Direct materials used during the year amount to $45,700 and the cost of goods sold for the year was $52,700. Required: Prepare a cost of goods sold statement. TAPPAN PARTS Manufacturing costs Direct materials Beginning inventory Purchases Materials available Less: Ending inventory Direct materials used Other manufacturing costs Total manufarkan te Cost of Goods Sold Statement For the Year Ended December 31 32.500 $ 21,700 49,300 S 71,000 25.300 700