Kegs
That compression figure doesn't sound too bad, but to get a good idea, check it again with three squirts of oil in each cylinder. This will temporarily seal up the rings. If the compression jumps by more than about 15psi, then there is some wear in the rings.
Desirably, all cylinders should be the same, but a 10% diference between cylinders is OK in a used engine. 5% is better. If low compression pressures don't improve with the oil, then it's probably fair to say that there is likely to be some leakage around the valves.

When testing, do it on a warmed up engine, try to do the same number of compression strokes for each cylinder, remove ALL plugs first, & do it with the throttle wide open.[to prevent low readings due to the closed throttle plate preventing a full charge of air reaching the cylinder.]
If possible, try to note how much the needle comes up in the first two strokes. If it reaches almost full pressure in two strokes, start smiling. If it takes five to get there, stop smiling.

So here is what we are looking for.
A quick rise in pressure
All cylinders with near equal pressure.
A modest diference in pressure between wet & dry tests.
120psi dry sounds pretty good for a stocker.
Chris