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 mion b. Decrease cash by $506.7 million C. Increase expenses (Cost of goods sold) by 5506.7 millon d. Decrease noncash assets (Inventory by $506.7 milion e. None of these are correct oooo