The following balances are from the accounts of Tappan Parts: Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 22,400 33,000 5,500 December 31 (Ending) $ 24,900 28,700 6,700 Direct materials used during the year amount to $46,300 and the cost of goods sold for the year was $52,900. Required: Prepare a cost of goods sold statement. $ 33,000 $ TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory Manufacturing costs: Direct materials: Beginning inventory $ 22,400 Purchases 48,800 Materials available $ 71,200 Less: Ending inventory 24,900 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 $ 46,300 28,700 5,500 6,700 $ 52,900