Question 16 (3 points) The 2011 and 2012 Balance Sheets for Jacob, Inc. contained the following entries: Accounts receivable Inventories Net fixed assets Accounts pavable 12/31/2011 $267 $320 $509 $113 12/31/2012 $724 $710 $140 $781 Jacob had materials purchases in 2011 of$1,551 and materials purchases in 2012 of$2,754. What did Jacob record as Cost of Goods Sold (COGS) on its 2012 income statement? (Record your answer without a dollar sign and without commas)