Help Boston Bait Shop uses a periodic inventory system. At December 31, year 2, the accounting records include the following information. Inventory (as of December 31, year 1) Net sales Purchases $ 2,800 79,600 30,200 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. Required B Required C Required D Compute the amount of the cost of goods sold in year 2. Cost of goods sold $ 30,000 Required B Required C >