Exercise 2-37 (Algo) Prepare Statements for a Manufacturing Company (LO 2-2, 4) The following balances are from the accounts of Tappan Parts: January 1 December 31 (Beginning) Direct materials inventory Work-in-process inventory Finished goods inventory (Ending) $ 21,700 32,800 5,000 $ 24,600 29,100 7,100 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 Manufacturing costs Direct materials: