Short Exercises S6A-1. (Recording inventory transactions in the periodic system) Paxton Technologies began the year with inventory of $460. During the year, Paxton purchased inventory costing $1,270 and sold goods for $3,400, with all transactions on account. Paxton ended the year with inventory of $630. Journalize all the necessary transactions under the periodic inventory system. S6A-2. (Computing cost of goods sold and preparing the Income Statement-periodic system) Use the data in Short Exercise 6A-1 to do the following for Paxton Technologies: Inventory and Merchandising Operations Requirements 1. Post to the Inventory and Cost of Goods Sold accounts. 2. Compute cost of goods sold by using the cost-of-goods-sold model. 3. Prepare the Income Statement of Paxton Technologies through gross profit