The following balances are from the accounts of Tappan Parts: Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 21,600 32,800 5,500 December 31 (Ending) $ 24,500 29,300 7,500 Direct materials used during the year amount to $46,000 and the cost of goods sold for the year was $52,800. Required: Prepare a cost of goods sold statement. $ 32,800 TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory Manufacturing costs: Direct materials: Beginning inventory 21,600 Purchases Materials available Less: Ending inventory 24,500 Direct materials used Other manufacturing costs Total manufacturing costs Total costs of work-in-process Less Ending work-in-process Cost of goods manufactured Beginning finished goods inventory Finished goods available for sale Less: Ending finished goods inventory Cost of goods sold s 46,000 7.500