Goldman Inc - How Much Will Goldman Report as Its Cost of 2017

Multiple Choice

Goldman Inc.
The following is from Goldman Inc.'s 2017 income statement.

$$\begin{array} { l r } \text { Purchases } & \$ 172,000 \\\text { Transportation-in } & 11,000 \\\text { Inventory, January 1, 2017 } & 26,500 \\\text { Inventory, December 31, 2017 } & 28,800 \\\text { Purchase returns and allowances } & 8,400\end{array}$$
- How much will Goldman report as its cost of goods sold in its 2016 income statement?

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