Assume the following cost of goods sold data for a company:

- 2023: $1.4M
- 2022: $1.2M
- 2021: $1.0M
If 2021 is the base year, what is the percentage increase in the cost of goods sold from 2021 to 2023?

A. 40%

B. 140%

C. 20%

D. 17%