ABC Co. had the following information pertaining to its current year's inventory Beginning inventory, 1/1/x1: $100,000 Purchases: $50,000 Freight-In: $4,000 Purchase returns and allowances: $1,500 Purchase discounts: $500 Ending inventory, 12/31/x1: $30,000 . What amount represents cost of goods sold? O a. $121,000. O b. $120,000. O c. $120,500. O d. $122,000