Question 17 ABC Company had the following balances in accounts for the year ended December 31, 2020: Sales Revenue $20,000 Beg. inventory, Jan. 1 1,000 Purchases 12,000 Ending inventory, Dec. 31 1,500 What is the cost of goods sold and gross profit for the year 2020: O COGS 14,500: Gross Pront 5,500. O COGS 11,500, Gross Profit 8,500 O COGS 13,000: Gross Profit 7.000, COGS 10.500: Gross Profit 9,500