Question - The following balances are from the accounts of Tappan Parts:
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January 1 (beginning)
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December 31 (Ending)
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Direct materials inventory
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$22,400
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$25,500
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Work-in-process inventory
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32,600
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29,000
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Finished goods inventory
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5,500
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6,800
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Direct materials used during the year amount to $46,100 and the cost of goods sold for the year was $52,800.
Required - Prepare a cost of goods sold statement.