Question 1) The following balances are from the accounts of Tappan Parts: Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) December 31 (Ending) 962,000 884,000 1,354,000 312,000 1,430,000 364,000 Direct materials used during the year amount to $1,196,000 and the cost of goods sold for the year wa Required: Prepare a cost of goods sold statement. Tappan Parts Statement of cost of goods Sold For the Year ended December 31 Beginning Work in Process, January 1 Manufacturing Cost Direct Material Beginning Direct material Inventory, January 1 Add: Material Purchases $ 962,000 $ 1,118,000 Direct Material Available $ 2,080,000 Less: Ending Inventory Dec 31 $ 884,000 Direct Material Used $ 1,196,000 $ 310,000 Direct Labor & Manufacturing Overhead Total Manufacturing Cost Total Cost of Work in pocess during the year Less: Ending Work in Process, December 31 Cost of Good Manufactured during the year Beginning Finished Goods, Jan 1 Finished Goods Inventory available for sale Less: Ending Finished Goods Inventory, December 31 Cost of Good Sold