ABC Inc. reports sales of $7.420 million and cost of goods sold of $3,520 million for its fiscal year 2019. For 2020, the company projects that sales will grow by 6% and that cost of goods sold percentage will be 1 percentage point lower Projected cost of goods sold for 2020 will be: $3,304 million $3,653 million $3,775 million $3,813 million