Company ABC reported the following:

1. Net Income: $110,000

2. Return on Sales (Net Income/Sales): 3.56%

3. Gross Profit Percentage (Gross Profit/Sales): 26.66%

What is the dollar amount of Cost of Goods Sold this company incurred?

Select one:

a. $1,667,432.33

b. $3,089,887.64

c. $823,764.04