Using $3,040,000 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 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 1,700,000

Direct labor 760,000

Factory utilities 150,000

Indirect labor 50,000

Factory depreciation 400,000

Operating expenses 420,000