Flexon Technologies Inc. began 2017 with inventory of $26,000. During the year, Flexon purchased inventory costing $105,000 and sold goods for $130,000, with all transactions on account. Flexon ended the year with inventory of $32,000.

Flexon prepared the following journal entries under the periodic inventory system at year end:

Flexon Technologies Inc. began 2017 with inventory of $26,000. During the year, Flexon purchased inventory costing $105,000 and sold goods for $130,000, with all transactions on account. Flexon ended the year with inventory of $32,000. Flexon prepared the following journal entries under the periodic inventory system at year end: (Click the icon to view the journal entries.) Requirements 1. Post to the Inventory and Cost of Goods Sold accounts. 2. Compute cost of goods sold by the cost-of-goods-sold model. 3. Prepare the December 2017 income statement of Flexon Technologies Inc. through gross profit. i Journal entries - X Requirement 1. Post the beginning balance(s) and all entries to the Inventory and Cost of Goods Sold accounts. (Leave Inventory Cost of Goods Sold Journal Entry Accounts Debit Credit JE1 Purchases 105,000 End bal End bal Accounts Payable 105,000 Requirement 2. Compute cost of goods sold by the cost-of-goods-sold model. JE2 Accounts Receivable 130,000 Sales Revenue 130,000 Plus: JE3 Cost of Goods Sold 26,000 Goods available Inventory 26,000 Less: JE4 Inventory 32,000 32,000 Cost of goods sold Cost of Goods Sold JE5 Cost of Goods Sold 105,000 Requirement 3. Prepare the December 2017 income statement of Flexon Technologies Inc. through gross profit. Purchases 105,000 Flexon Technologies Inc. Income Statement Print Done For the Year Ended December 31, 2017Requirement 3. Prepare the December 2017 income statement of Flexon Technologies Inc. through gross profit. Flexon Technologies Inc. Income Statement For the Year Ended December 31, 2017 Gross profit