The following balances are from the accounts of Tappan Parts:

	January 1 (Beginning)			December 31 (Ending)
Direct materials inventory	$	22,300		$	25,400
Work-in-process inventory		32,200			29,300
Finished goods inventory		5,500			7,200

Direct materials used during the year amount to $45,800 and the cost of goods sold for the year was $53,400.

Required:

Prepare a cost of goods sold statement