X Company is a merchandiser. It incurred the following costs in 2020: Utility costs Warehouse costs Advertising costs Equipment rental Employee salaries Insurance costs Merchandise purchases Supply costs Miscellaneous operating costs $29,623 31,169 16,444 15,260 15,881 25,849 87,268 17,069 13,742 From January 1, 2020, to December 31, 2020, the Merchandise Inventory account balance decreased by $23,412. What was Cost of Goods Sold in 2020? OA: $45,335 OB: $56,668 OC: $70,835 OD: $88,544 OE: $110,680 OF: $138,350 Submit Answer Tries 0/99