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Consider the following facts concerning Mike, Inc: - The only source of Accounts Payable for Mike Inc. is the purchase of inventory on credit. -

Consider the following facts concerning Mike, Inc:

- The only source of Accounts Payable for Mike Inc. is the purchase of inventory on credit.

- The company did not pay any money to its suppliers during the year.

- The balance in inventory and Accounts Payable at the beginning and end of the year were as follows:

1/1/2018

12/31/2018

Inventory

$36,380

$63,540

Accounts payable

$55,400

$89,220

What is the company's cost of goods sold for 2018?

Select one:

a. $33,820

b. $6,660

c. $27,160

d. $60,980

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