During the year, Shoe Productions recorded inventory purchases on credit of $675.6 million. Inventory at the start of the year was $76.4 million and at the end of the year was $106.0 million.

Which of the following describes how these transactions would be entered on the financial statement effects template? Select one: a. Increase expenses (Cost of goods sold) by $675.6 million b. Increase expenses (Cost of goods sold) by $646.0 million c. Increase noncash assets (Inventory) by $29.6 million d. None of these are correct e. Increase liabilities (Accounts payable) by $646.0 million