The following balances are from the accounts of Tappan Parts: January 1 December 31 (Beginning) (Ending ) Direct materials inventory $ 21, 600 $ 24,700 Work-in-process inventory 32, 700 28,900 Finished goods inventory 5,300 7,000 Direct materials used during the year amount to $45,500 and the cost of goods sold for the year was $53,000 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 32,700 Manufacturing costs: Direct materials: Beginning inventory 21,600 Purchases Materials availableTAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory 32,700 Manufacturing costs: Direct materials: Beginning inventory 21,600 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 Finished goods available for sale Less: Ending finished goods inventory Cost of goods sold