The following balances (in thousands of dollars) are from the accounts of Birwood Furniture: Direct materials inventory January 1 (Beginning) ($000) December 31 (Ending) ($000) $ 712 $ 784 1,154 1,330 139 264 Work-in-process inventory Finished goods inventory Direct materials used during the year amount to $1,096,000 and the cost of goods sold for the year was $1,278,000. Required: Prepare a cost of goods sold statement. Note: Enter your answers in thousands of dollars (i.e., 234,000 should be entered as 234). BIRWOOD FURNITURE Cost of Goods Sold Statement For the Year Ended December 31 (5000) 784 $ 1,096,000 Beginning work-in-process inventory Manufacturing costs: Direct materials: Beginning inventory Purchases Materials available Less: Ending inventory 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 712 1,096,072 $ 1,096,784 $ 1,154