Financial Statement EffectsCost of Goods Sold (Numerical calculation required) 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 $646.0 million

b. Increase noncash assets (Inventory) by $29.6 million

c. Increase expenses (Cost of goods sold) by $675.6 million

d. None of these are correct

e. Increase liabilities (Accounts payable) by $646.0 million