PR 5-10A Periodic inventory accounts, multiple-step income statement, closing entries Obj. 7 On December 31,20Y5, the balances of the accounts appearing in the ledger of Wyman Company are as follows: Instructions 1. Does Wyman Company use a periodic or perpetual inventory system? Explain. 2. Prepare a multiple-step income statement for Wyman Company for the year ended December 31,20Y5. The inventory as of December 31,20Y5, was $305,000. The estimated cost of customer returns inventory for December 31,20Y5, is estimated to increase to $30,000. 3. Journalize the closing entries for Wyman Company as of December 31, 20Y5. 4. What would be the net income if the perpetual inventory system had been used