On January 1, Silk Inc. had $151,600 of inventory on hand, and it purchased $3,498,000 of merchandise during the year. On December 31, Silk Inc. took count of its physical inventory and determined that $216,400 of inventory was on hand. Silk Inc.'s cost of goods sold for the year is a. $3,130,000. b. $3,866,000. c. $3,433,200. d. $3,562,800