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  3. a company compiled the following information for t

A company compiled the following information for the current year. (Assume that all raw materials...

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Accounting

A company compiled the following information for the current year. (Assume that all raw materials used were direct materials.)
Raw materials inventory, January 1
$30,000
Raw materials inventory, December 31
60,000
Work in process inventory, January 1
27,000
Work in process inventory, December 31
Finished goods inventory, January 1
18,000
60,000
Finished goods inventory, December 31
48,000
Raw materials purchases
1,800,000
Direct labor
890,000
Factory utilities
225,000
Indirect labor
75,000
Factory depreciation
500,000
Operating expenses
630,000
If the cost of goods manufactured is $3,460,000, what is cost of goods sold for the period?
$3,469,000
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