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Question 2) (25 points) Decorative Steel has the following information: Beginning Inventory Jan1 , 2016: .$600,000 Purchases made during the year 2016: .$1,200,000 Ending Inventory

Question 2) (25 points) Decorative Steel has the following information: Beginning Inventory Jan1 , 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

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