The following balances are from the accounts of Tappan Parts:

	January 1 (Beginning)			December 31 (Ending)
Direct materials inventory	$	962,000		$	884,000
Work-in-process inventory		1,354,000			1,430,000
Finished goods inventory		312,000			364,000

Direct materials used during the year amount to $1,196,000 and the cost of goods sold for the year was $1,378,000.

Required:

Prepare a cost of goods sold statement.

TAPPAN PARTS Cost of Goods Sold StatementFor the Year Ended December 31

Beginning work-in-process inventory

Manufacturing costs:

Direct materials:

Beginning inventory

Purchases

Materials available

Less: Ending inventory

Direct materials used

Other manufacturing costsTotal 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