Assuming That the Cost of Goods Manufactured Is $2,960,000 Compute

Assuming that the cost of goods manufactured is $2,960,000 compute the cost of goods sold using the following information. $\begin{array}{lr}\text { Raw materials inventory, January 1 } & 30,000 \\\text { Raw materials inventory, December 31 } & 60,000 \\\text { Work in process, January 1 } & 27,000 \\\text { Work in process, December } 31 & 18,000 \\\text { Finished goods, January 1 } & 60,000 \\\text { Finished goods, December 31 } & 48,000 \\\text { Raw materials purchases } & 1,500,000\\\text { Direct labor } & 690,000 \\\text { Factory utilities } & 225,000 \\\text { Indirect labor } & 75,000 \\\text { Factory depreciation } & 500,000 \\\text { Operating expenses } & 630,000\end{array}$

A) $2,969,000.
B) $2,912,000.
C) $2,948,000.
D) $2,972,000.