Current Attempt in Progress In the Concord Company, saies were $751000, sales retums and allowances were $33000, and cost of goods sold was $502600. The gross profit rate was 33.1%66.9%70.0%30.0% Tower Junction has Cost of Goods Sold of $102000 before adjusting entries. The physical count of imventory indicates that the actual inventory amount is $1200 greater than the balance in the Inventory account. When Tower Junction prepares closing entries, they will credit Cost of Goods Sold for $100800. credit Cost of Goods Sold for 5102000 debit Cost of Goods Sold for $103200 credit Cost of Goods Sold for $103200 At December 31,2020, Cullumber's Mercantile has Cost of Goods Sold of $52100 before adjusting entries are recorded. The physical count of inventoryindicates that the actual imventoryamount is $1200 less than the balance in the Inventory account. What balance will the company report for Cost of Goods Sold on the 2020 income statement? $54500$53300$52100$50900