Q1:

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Q2:

The following balances are from the accounts of Tappan Parts January 1 December 31 (Beginning) (Ending) $ 25,000 28,600 7,000 Direct materials inventory Work-in-process inventory Finished goods inventory $ 21,700 32,500 Direct materials used during the year amount to $46,300 and the cost of goods sold for the year was $53,200 Required Prepare a cost of goods sold statement. TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 $32,500 Beginning work-in-process inventory Manufacturing costs Direct materials 21,700 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 Finished goods available for sale ess: Ending finished goods inventory Cost of goods sold