826,000 as the cost of goods manufactured, compute the cost of goods sold using the following information. Raw materials inventory, January 1 Work in process, January 1 Raw materials inventory, December 31 $20000 40000 18000 Work in process, December 31 12000 Finished goods, January 1 40000 Finished goods, December 31 32000 Raw materials purchases 1480000 760000 Direct labor 150000 Factory utilities 50000 Indirect labor 400000 Factory depreciation 420000 Operating expenses