8.75 points Item 2 Exercise 2-37 (Algo) Prepare Statements for a Manufacturing Company (LO 2-2, 4) The following balances are from the accounts of Tappan Parts:	Direct materials used during the year amount to $45,700 and the cost of goods sold for the year was $52,600. Required: Prepare a cost of goods sold statement.
	January 1 (Beginning)			December 31 (Ending)
Direct materials inventory	$	21,900		$	25,100
Work-in-process inventory		32,400			28,600
Finished goods inventory		5,800			7,200

TAPPAN PARTS
Cost of Goods Sold Statement
For the Year Ended December 31
Beginning work-in-process inventory			$32,400
Manufacturing costs:
Direct materials:
Beginning inventory	$21,900
Purchases	45,700
Materials available	$67,600
Less: Ending inventory	25,100
Direct materials used		$45,700
Other manufacturing costs
Total manufacturing costs
Total costs of work-in-process
Less: Ending work-in-process
Cost of goods manufactured
Beginning finished goods inventory
Finished goods available for sale
Less: Ending finished goods inventory
Cost of goods sold