Metro by T-Mobile 11:25 PM 18% AA ezto.mheducation.com connect cancel print 4. Award: 6.00 points The following balances are from the accounts of Tappan Parts: January 1 (Beginning) Direct materials inventory Work-in-process inventory $ 22,300 32,000 5,200 December 31 (Ending) $ 25,400 29,000 6,900 Finished goods inventory Direct materials used during the year amount to $45,900 and the cost of goods sold for the year was $52,900. 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 References Financial Statements Learning Objective: 02-02 Explain how costs are presented in financial statements. Difficulty: 2 Medium Learning Objective: 02-04 Understand how material, labor, and overhead costs are added to a product at each stage of the production process. 2021 McGraw-Hill Education. All rights reserved.