Direct materials used during the year amount to $46,200 and the cost of goods sold for the year was $53,100. Required: Prepare a cost of goods sold statement. Answer is complete but not entirely correct. TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 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 $ 22,200 49,000 $ 71,200 25,000 $ 46,200 38,100 69 32,400 84,300 Total costs of work-in-process Less: Ending work-in-process Cost of goods manufactured Beginning finished goods inventory $ 29,200 29,200 $ 55,100 5,300 ( Finished goods available for sale $ 60,400 ( Less: Ending finished goods inventory 7,300 Cost of goods sold $ 53,100