A company compiled the following information for the current year. $($ Assume that all raw materials used were direct materials. $)$ Raw materials inventory, January $1$ $ $20,000$ Raw materials inventory, December $3140,000$ Work in process inventory, January $118,000$ Work in process inventory, December $3112,000$ Finished goods inventory, January $140,000$ Finished goods inventory, December $31$ Raw materials purchases $,1,700,000$ Direct labor $,760,000$ Factory utilities $,150,000$ Indirect labor $,50,000$ Factory depreciation $400,000$ Operating expenses $420,000$ If the cost of goods manufactured is $3,040,000,$ what is the cost of goods sold for the period?