The following balances are from the accounts of Tappan Parts: December 31 (Ending) $ 24,800 28,900 6,600 January 1 (Beginning) $ 21,700 32,700 5,400 Direct materials inventory Work-in-process inventory Finished goods inventory Direct materials used during the year amount to $46,400 and the cost of goods sold for the year was $52,700. Required: Prepare a cost of goods sold statement Answer is complete but not entirely correct. TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory S 32,700 Manufacturing costs Direct materials Beginning inventory S 21,700 Purchases 49 500