Peter Company uses a periodic inventory system. Below is the extracted information from the unadjusted trial balance as at 31 December 2020 of the Company. Debit $ Credit $ Inventory, 31 December 2019 Purchases Sales 100,000 350,500 1,000,000 A complete physical inventory taken as at 31 December 2020 indicates goods costing $30,000 remains in stock. Required: Prepare two closing entries to create the Cost of Goods Sold account and update the Inventory account. (5 marks)