The following balances are from the accounts of Tappan Parts: January 1 (Beginning) $ 21,500 December 31 (Ending) $ 24,800 29,100 7,300 Direct materials inventory Work-in-process inventory Finished goods inventory 33,000 5,200 Direct materials used during the year amount to $46,200 and the cost of goods sold for the year was $52,700. Required: Prepare a cost of goods sold statement. TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory Manufacturing costs: Direct materials: $ Beginning inventory 21,500 Purchases Materials available Less: Ending inventory 24,800 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