Using $2,340,000 as the cost of goods manufactured, compute the cost of goods sold using the following information Raw materials inventory, January 2 $20,000 Raw materials inventory, December 31 40,000 Work in process, January 1 18,000 Work in process, December 31 12,000 Finished goods, January 1 40,000 Finished goods, December 31 32,000 Raw materials purchases 1,200,000 Direct labor 560,000 Factory utilities 150,000 Indirect labor 50,000 Factory depreciation 400,000 Operating expenses 420,000 1. $2,346,000 2. $2,348,000 3. $2,308,000 4. $2,332,000