12. Errors are found in the following schedule of cost of goods sold for the year ended 31 December 2020. Calculate the revised cost of goods sold. Inventory, 31 December, 2020 $62,150 Purchases $521,980 Add Purchases returns $9,100 Purchases discounts 2,525 11,625 Net purchases 533,605 Less Transportation in (17,400) Cost of inventory purchases 516,205 Inventory available for sale 578,355 Less Inventory, 1 January, 2020 (59,700) Cost of goods sold $518,655 A) $490,505 B) $525,305 C) $530,205 D) $518,655