2-46A Calculate cost of goods manufactured, and cost of goods sold. The following information is for Montreal Gloves Inc. for the year 2016: Manufacturing costs $3,000,000 Number of gloves 300,000 pairs manufactured Beginning inventory 0 pairs Sales in 2016 were 298,500 pairs of gloves for $18 per pair. Instructions Calculate the following: (a) What is the cost of goods sold for 2016? (b) What is the amount of the gross profit for 2016? $2,388,000