Highbright, Inc. reports the following information in its annual report: Inventory value at LIFO LIFO reserve Inventory value at FIFO Sales for 2016 totaled $12,800,000. Cost of goods sold under LIFO totaled $7,400,000. a) $7,460,000 How much would Greencastle's 2016 cost of goods sold have been had it used FIFO costing for its entire inventory? b) $7,412,000 January 1, 2016 $1,824,000 48,000 $1,872,000 c) $7,388,000 December 31, 2016 $1,912,000 60,000 $1,972,000 d) $7,340,000