West Inc. has beginning inventory of $44,000, purchases of $54,000, purchase discounts of $5,000, and ending inventory of $80.000. It's sales were $120,000. What is West's cost of goods sold and gross profit percent? O 1.$173,000 and 31.6% O 2. $13,000 and 89.2% O 3. $80,000 and 33..3% O 4. $85,000 and 29.2%

goods sold and gross profit percent? 1.$173,000 and 31.6% 2. $13,000 and 89.2% 3. $80,000 and 33.3% 4,$85,000 and 29.2%