Payton Inc. reports in its Year 7 annual report, sales of $7,362 million and cost of goods sold of $2,945 million. For next year, you project that sales will grow by 3% and that cost of goods sold percentage will be 1 percentage point higher. Projected cost of goods sold for Year 8 will be: Select one:

a. There is not enough information to determine the amount.

b. $3,109 million

c. $3,033 million

d. $2,945 million

e. $3,019 million