The following balances are from the accounts of Tappan Parts: Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 21,500 32,800 5,800 December 31 (Ending) $ 25,000 29,000 7,100 Direct materials used during the year amount to $46,400 and the cost of goods sold for the year was $52,800. Required: Prepare a cost of goods sold statement. $ 32,800 $ 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 49,900 Materials available $ 71,400 Less: Ending inventory 25,000 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 $ 46,400 29,000 5,800 (7.100) 52,800 $