The following balances are from the accounts of Tappan Parts: January 1 (Beginning) $ 22,100 32,500 5,700 December 31 (Ending) $ 24,800 29,200 7,000 Direct materials inventory Work-in-process inventory Finished goods inventory Direct materials used during the year amount to $46,300 and the cost of goods sold for the year was $53,300. 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 32,500 Manufacturing costs: Direct materials: Purchases Materials available Less: Ending inventory Direct materials used Total manufacturing costs Total costs of work-in-process Cost of goods manufactured Finished goods available for sale $ 49,000 24,800