Mountain Mabel's is a small general store located just outside of Yellowstone National Park. The slore uses a periodic inventory system. Every January 1. Mabel and her husband close the store and take a complete physical inventory while watching the Rose Parade on television. Last year, ile inventory amounted to $5.200; this year it totaled $3,800. During the current year, the busi- ness recorded sales of $125.000, and purchases of $62,000. Instructions Compute the cost of goods sold for the current year. b. Explain why a small business such as this might use the periodic inventory system. c. Explain some of the disadvantages of the periodic system to a larger business, such as a Sears store