The following balances are from the accounts of Tappan Parts:

	January 1 (Beginning)			December 31 (Ending)
Direct materials inventory	$	21,700		$	24,700
Work-in-process inventory		32,600			28,700
Finished goods inventory		5,300			6,700

Direct materials used during the year amount to $45,700 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			$32,600
Manufacturing costs:
Direct materials:
Beginning inventory	$21,700
Purchases	48,700
Materials available	$70,400
Less: Ending inventory	24,700
Direct materials used		$45,700
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