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McKinnon reports in its 2011 annual report 10-K, sales of $2,045 million and cost of goods sold of $818 million. For next year, you project

McKinnon reports in its 2011 annual report 10-K, sales of $2,045 million and cost of goods sold of $818 million. For next year, you project that sales will grow by 5% and that cost of goods sold percentage will be 2 percentage points higher. Projected cost of goods sold for 2014 will be:

a) 859 million

b) $861 million

c) There's not enough info to determine amount

d) 902 million

e) 834 million

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