The following balances are from the accounts of Tappan Parts: Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 22,000 32,700 6,000 December 31 (Ending) $ 24,700 29, 200 7,000 Direct materials used during the year amount to $45,900 and the cost of goods sold for the year was $53,000. Required: Prepare a cost of goods sold statement. TAPPAN PARTS $ 32,700 Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory Manufacturing costs: Direct materials: Beginning inventory $ 22,000 Purchases 24,700 $ 45,900 Materials available Less: Ending inventory Direct materials used Other manufacturing costs Total manufacturing costs Total costs of work-in-process Cost of goods manufactured Finished goods available for sale Cost of goods sold