The inventory accounts for Billings, Incorporated for the years ending December 31, 2011, 2012 and 2013 are shown in the table below (all figures are in dollars): 2011 2022 2013 Inventories 250,200 272,300 260,100 Billings purchased $196,400 of materials in 2012 and $206,300 of materials in 2013.
a. What did Billings report as cost of goods sold on its income statement in 2012?