A company that uses the periodic inventory system provided the following information: 1. Beginning inventory $3,000 2. Purchases $120,000 3. Purchase discounts $2.400 4. Purchase returns and allowances $900 At the end of the period, the physical count of inventory reveals that $16,000 worth of inventory is on hand. What is the amount of cost of goods sold? O A. $116,700 B. $103,700 Oc. $119,700 D. $135,700