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Flexon Technologies Inc. began 2020 with inventory of $20,000. During the year, Flexon purchased inventory costing $130,000 and sold goods for $160,000, with all transactions on account. Flexon ended the year with inventory of $35,000. 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 2020 income statement of Flexon Technologies Inc. through gross profit. Journal entries Requirement 2. Compute cost of goods sold by the cost-of-goods-sold model. Requirement 3. Prepare the December 2020 income statement of Flexon Technologies Inc. through gross profit