cises i Saved The following balances are from the accounts of Tappan Parts: Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 21,999 32,789 5,500 December 31 (Ending) $ 25,400 28,600 7,100 Direct materials used during the year amount to $46,000 and the cost of goods sold for the year was $52,700. Required: Prepare a cost of goods sold statement TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process Inventory Manufacturing costs Direct materials Beginning inventory SEUN 21 900 Purchases 93 300 able TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory Manufacturing costs: Direct materials: Beginning inventory 21,900 Purchases 93,300 Materials available Less: Ending inventory 25.400 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 $ 46,000 5.2001