Question 2

The following balances are from the accounts of Tappan Parts:

	January 1 (Beginning)			December 31 (Ending)
Direct materials inventory	$	22,400		$	24,600
Work-in-process inventory		32,600			28,900
Finished goods inventory		5,800			6,500

Direct materials used during the year amount to $46,000 and the cost of goods sold for the year was $53,400.

Required:

Prepare a cost of goods sold statement.