The following balances (in thousands of dollars) are from the accounts of Birwood Furniture: January 1 (Beginning) ($000) December 31 (Ending) ($000) Direct materials inventory $ 762 $ 834 Work-in-process inventory 1,204 1,380 Finished goods inventory 189 314 Direct materials used during the year amount to $1,596,000 and the cost of goods sold for the year was $1,778,000. Required: Prepare a cost of goods sold statement.