Assume the Following Cost of Goods Sold Data for a Company

Multiple Choice

Assume the following cost of goods sold data for a company: $$\begin{array} { l r } 2018 & \$ 1,400,000 \\2017 & 1,200,000 \\2016 & 1,000,000\end{array}$$ If 2016 is the base year, what is the percentage increase in cost of goods sold from 2016 to 2018?

A) 140%
B) 40%
C) 20%
D) 17%