The Following Is from Goldman Inc ? How Much Will Goldman Report as Its Cost of

Multiple Choice

The following is from Goldman Inc.'s 2016 income statement. $$\begin{array} { l r } \text { Purchases } & \$ 172,000 \\\text { Transportation-In } & 11,000 \\\text { Inventory, January 1,2016 } & 26,500 \\\text { Inventory, December 31,2016 } & 28,800 \\\text { Purchase Returns and Allowances } & 8,400\end{array}$$ ? How much will Goldman report as its cost of goods sold in its 2016 income statement?

A) $172,300
B) None of these choices
C) $161,500
D) $161,300