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Saxton Technologies Inc. began 2020 with inventory of $23,000. During the year, Saxton purchased inventory costing $120,000 and sold goods for $160,000, with all transactions on account. Saxton ended the year with inventory of $28,000. Journalize all the necessary transactions under the periodic inventory system. Requirement 1. Joumalize all the necessary transactions under the periodic inventory system. (Record debits first, then credits. Explanations are not required.) First, journalize the inventory purchase. Accounts Debit Credit 7 Journalize the sales transaction Accounts Debit Credit Journalize the end-of-period entries. Begin by closing out beginning inventory Accounts Debit Credit Next adjust ending inventory Accounts Debit Credit Next adjust ending inventory. Accounts Debit Credit Now close out purchases for the period. Accounts Debit Credit Umpire Copy Centre Ltd. uses laser printers. The company started the year with 100 containers of ink (weighted-average cost of $9.00 each, FIFO cost of $8.70 each). During the year, Umpire Copy Centre purchased 800 containers of ink at $10.10 each and sold 810 units for $24.00 each. The company paid operating expenses throughout the year, to a total of $3,500. Umpire Copy Centre's income statement excluding the effects of income tax under each of the weighted-average-cost and FIFO inventory costing methods - is given. Umpire Copy Centre is a corporation subject to a 19% income tax. (Click the icon to view the income statement.) Compute Umgire Capy Centre's income tax expense under the weighted average cost and FIFO inventory costing methods. Which method would you select to (a) maximize income before tax and (b) minimize income tax expense? X Compute Umpire Copy Centre's income tax expense using the weighted average-cost and FIFO inventory coeling melhods. (Round your answer to the nearest whole dollar.) Umpire Copy Centre Ltd. Income Statement For the Year Ended December 31, 2020 Weighted-Average Cost FIFO Income Statement Sales revenue $ 14 840 S 14,840 Cost of goods sold 6.088 6,021 Umpire Copy Centre Ltd. Gross profit $ 8.562 S 8,519 Income Statement Operating expenses 3.500 3,500 $ For the Year Ended December 31, 2020 Net income before tax 5,062 S 5 119 Weighted Average cost Income tax expense Sales revenue $ 14,140 $ Which method would you select to (a) maximize income before tax and (b) minimize income tax expense? 6,088 Cost of goods sold (a) The income before taxes is maximized by using the ) method of inventary casting Gross profit $ 8,552 $ 3,500 (D) The income taxes are minimized by using the Operating expenses method of inventory costing. $ 5,052 $ Net Income before tax FIFO 14,640 6,021 8,519 3,500 5,119 Print Done