Highbright, Inc. reports the following information in its annual report: Sales for 2016 totaled $12,800,000. Cost of goods sold under LIFO totaled $7,400,000. How much would Greencastle's 2016 cost of goods sold have been had it used FIFO costing for its entire inventory? a) $7,460,000 b) $7,412,000 c) $7,388,000 d) $7,340,000