Multiple Choice Question 123 Assuming that the cost of goods manufactured is $3409000 compute the cost of goods sold using the folloving information. Raw materials inventory, January 1 $30000 Raw materials inventory, December 31 60000 27000 18000 60000 48000 1740000 890000 225000 75000 500000 630000 Work in process, January 1 Work in process, December 31 Finished goods, January 1 Finished goods, December 31 Raw materials purchases Direct labor Factory utilities Indirect labor Factory depreciation Operating expenses 53421000 $3397000 $3361000 @ $34180o0