The following balances are from the accounts of Tappan Parts Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 21,200 32,000 5,900 December 31 (Ending) $ 25,200 28,600 7.ee Direct materials used during the year amount to $45,900 and the cost of goods sold for the year was $53,300, Required: Prepare a cost of goods sold statement. V 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 Required: Prepare a cost of goods sold statement TAPPA PARIS Cost of Goods Sold Set 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 Finished goods available for sale Less Ending finished goods inventory Cost of goods sold