Miners Inc. purchased a coal mine for $1,200,000. The mine is estimated to have zero salvage value and *0,000 tons of coal. If the firm extracts 100,000 tons of ore during its first year of operations and sells 50,000 units, the cost of goods sold for that year would be: Select one: a. $1,200,000 b. $200,000 C. $1,100,000 d. $100,000