Question: Haan Inc. is a merchandising company. Last month the company's cost of goods sold was $67,300. The company's beginning merchandise inventory was $13,600 and its ending merchandise inventory was $16,800. What was the total amount of the company's merchandise purchases for the month?
a. $97,700
b. $67,300
c. $70,500
d. $64,100
Please select the correct answer and explain briefly why.