The following balances (in thousands of dollars) are from the accounts of Birwood Furniture: Direct materials used during the year amount to $1,396,000 and the cost of goods sold for the year was $1,578,000. Required: Prepare a cost of goods sold statement. Note: Enter your answers In thousands of dollars (l.e., 234,000 should be entered as 234). For each of the following statements, indicate whether it is true, false, or uncertain