Exercise 6.7 (Static) Periodic Inventory Systems (LO6-4) Boston Bait Shop uses a periodic inventory system. At December 31, year 2, the accounting records include the following information A complete physical inventory taken at December 31, year 2 , Indicates merchandise costing $3,000 remains in stock. b. Compute the amount of the cost of goods sold in year 2 . c. Prepare two closing entries at December 31. year 2: the first to create a Cost of Goods Sold account with the appropriate balance and the second to bring the inventory account up-to-date. d. Prepare a partial income statement showing the shop's gross profit for the year. Complete this question by entering your answers in the tabs below. c. Prepare two closing entries at December 31, year 2: the first to create a Cost of Goods Sold account with the appropriate b and the second to bring the Inventory account up-to-date. d. Prepare a partial income statement showing the shop's gross profit for the year. Complete this question by entering your answers in the tabs below. Compute the amount of the cost of goods sold in year 2. Prepare two closing entries at December 31, year 2: the first to create a Cost of Goods Sold account with the appropriate balance and the second to bring the Inventory account up-to-date. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the entry to those temporary accounts that contribute to the cost of goods sold for the year. Note: linter debits befene credits Record the entry to remove from the Cost of Goods Sold account the cost of merchandise still on hand at year-end. Note: Enter debits before credits. repare a partial income statement showing the shop's gross profit for the year