Synergy Technologies Inc. began 2020 with inventory of $25,000. During the year, Synergy purchased inventory costing $105,000 and sold goods for $170,000, with all transactions on account. Synergy ended the year with inventory of $33,000. Synergy 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 Synergy Technologies Inc. through gross profit. Requirement 1. Post the beginning balance(s) and all entries to the Inventory and Cost of Goods Sold accounts. (Leave any unused cells blank.) Inventory Cost of Goods Sold - X Journal entries End bal End bal Journal Entry Requirement 2. Compute cost of goods sold by the cost-of-goods-sold model. Accounts Debit Credit 105.000 Plus: 105,000 Goods available JE1 Purchases Accounts Payable JE2 Accounts Receivable Sales Revenue JE3 Cost of Goods Sold 170,000 Less: 170,000 Cost of goods sold 25,000 25.000 Requirement 3. Prepare the December 2020 income statement of Synergy Technologies Inc. through gross profit 33,000 Synergy Technologies Inc. Inventory JE4 Inventory Cost of Goods Sold JE5 Cost of Goods Sold Purchases 33,000 Income Statement 105,000 For the Year Ended December 31, 2020 105,000 Print Done Gross profit