The following balances are from the accounts of Tappan Parts. January 1 (Beginning) 962,000 December 31 (Ending) 5 884,000 Direct materials inventory Work-in-process inventory Finished goods inventory 1,354,000 1, 430,000 312,000 364,000 Direct materials used during the year amount to $1,196,000 and the cost of goods sold fo Required: Prepare a cost of goods sold statement 354.000! TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory Manufacturing costs: Direct materials: Beginning inventory 962,000 Purchases 1,118,000 Materials available $ 2,080,000 Less: Ending inventory 884,000 Direct materials used Other manufacturing costs Total manufacturing costs Total costs of work-in-process S $ 1,196,000 310,000 11,506,000 Cost of goods manufactured Finished goods available for sale Cost of goods sold e here to search