Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 22,100 33,000 5,500 December 31 (Ending) $ 24,700 29,300 7,400 Direct materials used during the year amount to $46,000 and the cost of goods sold for the year was $53,500. Required: Prepare a cost of goods sold statement. TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 $ 33,000 Beginning work-in-process inventory Manufacturing costs: Direct materials: Beginning inventory Purchases. Materials available Less: Ending inventory Direct materials used 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 $ 22,100 Direct materials used during the year amount to $46,000 and the cost of goods sold for the year was $53,500. 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 33,000 Manufacturing costs: Direct materials: Beginning inventory Purchases Materials available Less: Ending inventory Direct materials used 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 $ 22,100