The following balances are from the accounts of Tappan Parts: January 1 (Beginning) December 31 (Ending) Direct materials inventory $ 21,700 $ 25,400 Work-in-process inventory 32,100 29,400 Finished goods inventory 5,800 7,400 Direct materials used during the year amount to $45,600 and the cost of goods sold for the year was $53,400. Required: Prepare a cost of goods sold statement.

$ 32,100 TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory Manufacturing costs: Direct materials: Beginning inventory $ 21,700 Purchases 49,300 Materials available $ 71,000 Less: Ending inventory 25,400 Direct materials used Other manufacturing costs Total manufacturing costs Total costs of work-in-process $ 45,600 Cost of goods manufactured Finished goods available for sale Cost of goods sold