The following balances are from the accounts of Tappan Parts:

	January 1 (Beginning)			December 31 (Ending)
Direct materials inventory	$	22,200		$	25,300
Work-in-process inventory		32,300			28,900
Finished goods inventory		5,800			7,300

Direct materials used during the year amount to $45,600 and the cost of goods sold for the year was $53,500.

Required:

Prepare a cost of goods sold statement.

$ 32,300 TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory Manufacturing costs: Direct materials: Beginning inventory 22,200 Purchases Materials available Less: Ending inventory 25,300 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