On December 31 of the current year, Letterman Co.'s cost of goods sold amounted to $1,050,000. However, Letterman's auditors determined the beginning merchandise inventory was understated by $20,000 and the ending merchandise inventory was overstated by $12,000. What is the correct cost of goods sold for the current year? O $1,058,000 O $1,042,000 $1,018,000 O $1,082,000