Cost of goods sold equals:

(a) beginning inventory plus net sales minus ending inventory.
(b) ending inventory plus net purchases minus beginning inventory.
(c) beginning inventory plus net purchases minus ending inventory.
(d) beginning inventory minus net purchases plus ending inventory.

Consider two similar industries, portal crane manufacturing (pcm) and forklift manufacturing (flm). the pcm industry has exactly three incumbents with annual sales of $800 million, $200 million and $100 million, respectively. the flm industry has also exactly three incumbents, with annual sales of $500 million, $450 million and $400 million, respectively. which industry is more likely to experience a higher level of rivalry?