Part B Part I Banana Shop uses a periodic inventory system. As at 31 December 20X2, the accounting records include the following information: Inventory (as at 31 December 20X1) $14,000 Net Sales $398,000 Purchases $151,000 A complete physical inventory taken as at 31 December 20X2 indicates goods costing $15,000 remains in stock Required: (a) Compute the amount of the cost of goods sold in 20x2. (6) Prepare TWO closing entries as at 31 December 20X2: 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. (c) Journal Accounts Titles Date Debit $ Credit $