Using $2940000 as the total manufacturing costs, compute the cost of goods manufactured using the following information.

Raw materials inventory, January 1	$ 20000
Raw materials inventory, December 31	40000
Work in process, January 1	18000
Work in process, December 31	12000
Finished goods, January 1	40000
Finished goods, December 31	32000
Raw materials purchases	1600000
Direct labor	760000
Factory utilities	150000
Indirect labor	50000
Factory depreciation	400000
Operating expenses	420000

A. $2948000

B. $2946000

C. $2954000

D. $2934000