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Could i get some help in the following attached question? Saxton Technologies Inc. began 2017 with inventory otS1g,OOO During the year, Saxton purchased inventory costing
Could i get some help in the following attached question?
Saxton Technologies Inc. began 2017 with inventory otS1g,OOO During the year, Saxton purchased inventory costing $110,000 and sold goods for S170,000, with all transactions on account Saxton ended the year with inventory ofS34,000_ Saxton prepared the following journal entries under the periodic inventory system at year end: (Click the icon to viewthe journal entries.) Requirements 1. Post to the Inventory and Cost of Goods Sold accounts. 2. Compute cost ot goods sold by the cost-of-goods-sold model 3. Prepare the December 2017 income statement of Saxton Technologies Inc. through gross profit. Requirement 1. Post the beginning balance(s) and ell entries to the Inventory and Cost of Goods Sold accounts. (Leave any unused cells blank.) Inventory End bal Cost of Goods Sold Journal entries Requirement 2. Compute cost of goods sold by the cost-of-goods-sold model. Goods available Less. Cost of goods sold Requirement 3. Prepare the December 2017 income statement ot Saxton Technologies lnc through gross profit. Saxton Technologies Inc. Income Statement For the Year Ended December 31, 2017 Gross profit Journal Entry JEI JE2 JE3 JE4 JE5 Accounts Purchases Accounts Payable Accounts Receivable Sales Revenue Cost of Goods Sold Inventory Inventory Cost of Goods Sold Cost of Goods Sold Purchases print Debit 110,000 170,000 19,000 34,000 110,000 x Credit 110,000 170,000 19,000 110,000 Done
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