During the year, Shoe Productions recorded inventory purchases on credit of $506.7 million. The financial statement effect of these purchase transactions would be to: Select one: a. Increase liabilities (Accounts payable) by $506.7 million b. Decrease cash by $506.7 million c. Increase expenses (Cost of goods sold) by $506.7 million d. Decrease noncash assets (Inventory) by $506.7 million e. None of these are correct *