Direct materials inventory Work-in-process Inventory Finished goods inventory January 1 (teginning) $ 22,100 32,400 5,400 December 31 (Ending) $ 25,200 28.900 7.000 Direct materials used during the year amount to $46,000 and the cost of goods sold for the year was 553,000 Required: Prepare a cost of goods sold statement TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Manufacturing costs Direct materials Materials available Direct materials used Total manufacturing costs Total costs of work-in-process Cost of goods manufactured Finished goods available for sale Cost of goods sold