Question 5 Using $3046000 as the cost of goods manufactured, compute the cost of goods sold using the following information. $ 20000 40000 18000 12000 40000 32000 Raw materials inventory, January 1 Raw materials inventory, December 31 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 1700000 760000 150000 50000 400000 420000 $3052000 $3014000 $3038000 $3054000