Question 2) (25 points) Decorative Steel has the following information: Beginning Inventory Janl , 2016: $600,000 Purchases made during the year 2016: $1,200,000 Ending Inventory on December 31, 2016: $500,000 Required: Compute cost of goods sold for the year 2016 assuming the company uses a periodic inventory system and post the journal entry got December 31, 2016