Using $2,240,000 as the cost of goods manufactured, compute the cost of goods sold using the following information. Raw materials inventory, January 1 $ 20,000 Raw materials inventory, December 40,000 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 O $2,232,000. O $2,246,000. O $2,248,000. O $2,208,000. 420,000 18,000 12,000 40,000 32,000 1,100,000 560,000 150,000 50,000 400,000

Using $2,240,000 as the cost of goods manufactured, compute the cost of goods sold using the following information