The following balances are from the accounts of Tappan Parts: Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 21,900 32,100 5,300 December 31 (Ending) $ 25,200 28,800 7,000 Direct materials used during the year amount to $46,100 and the cost of goods sold for the year was $53,400. Required: Prepare a cost of goods sold statement. TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory Manufacturing costs: Direct materials: 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 Beginning finished goods inventory $ 21,900 25,200 $ 46,100 $ 32,100 5,300 Finished goods available for sale Less: Ending finished goods inventory Cost of goods sold $ 53,400