The following balances are from the accounts of Tappan Parts: January 1 (Beginning) December 31 (Ending) Direct materials inventory $ 21,600 $ 24,800 Work-in-process inventory 32,200 28,600 Finished goods inventory 5,700 6,700 Direct materials used during the year amount to $45,500 and the cost of goods sold for the year was $53,400. Required: Prepare a cost of goods sold statement.