Question 8 (1 point) Saved Assume the following cost of goods sold data for a company: 2018 2017 2016 $1,400,000 1,200,000 1,000,000 If 2016 is the base year, what is the percentage increase in cost of goods sold from 2016 to 2018? 1) 140% O 2) 40% 3) 20% 4) 17%