7. Blackman Company compiled the following information for the current year. (Assume that all raw materials used were direct materials.) Raw materials inventory, January 1 $ 30,000 Raw materials inventory, December 31 60,000 Work in process inventory, January 1 27,000 Work in process inventory, December 31 18,000 Finished goods inventory, January 1 60,000 Finished goods inventory, December 31 48,000 Raw materials purchases 1,800,000 Direct labor 890,000 Factory utilities 225,000 Indirect labor 75,000 Factory depreciation Operating expenses 500,000 630,000 If the cost of goods manufactured is $3,460,000, what is the cost of goods sold for the period?