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Miami Technologies Inc. began 2017 with inventory of $21,000. During the year, Miami purchased inventory costing $95,000 and sold goods for $155,000, with all transactions on account. Miami ended the year with inventory of $32,000. Miami prepared the following joumal entries under the periodic inventory system at year end (Click the icon to view the journal entries.) 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 Miami Technologies Inc. through gross profit. Journal Entry Accounts Debit Credit Requirement 1. Post the beginning balance(s) and all entries to the Inventory and Cost of Goods Sold accounts. (Leave any unused cells blank.) 95,000 Cost of Goods Sold Accounts Payable 95,000 JE2 Acccunts Receivable 155,000 Sales Revenue 155,000 End bal End bal JE3 Cost of Goods Sold 21,000 Requirement 2. Compute cost of goods sold by the cost-of-goods-sold model Inventory 21,000 JE4 Inventory 32,000 Plus: Cost of Goods Sold 32,000 Goods available JE5 Cost of Goods Sold 95,000 Purchases 95,000 Cost of goods sold Print Done Requirement 3. Prepare the December 2017 income statement of Miami Technologies Inc. through gross profit