During fiscal 2016, Shoe Productions recorded inventory purchases on credit of $337.8 million. Inventory at the start of the year was $38.2 million and at the end of the year was $53.0 million. Which of the following describes how these transactions would be entered on the financial statement effects template? Increase liabilities (Accounts payable) by $323.0 millon Increase expenses (Cost of goods sold) by $337.8 million Increase expenses (Cost of goods sold) by $323.0 million Increase noncash assets (Inventory) by $14.8 million 4 poin QUESTIONS As inventory and property plant and equipment on the balance sheet are consumed, they are reflected: As a revenue on the income statement As an expense on the income statement As a use of cash on the statement of cash flows On the balance sheet because assets are never consumed