Synthetix Technologies Inc. began 2017 with inventory of $21,000. During the year, Synthetix purchased inventory costing $100,000 and sold goods for $170,000, with all transactions on account. Synthetix ended the year with inventory of $37,000. Synthetix prepared the following journal entries under the periodic inventory system at yearend:

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 20172017 income statement of SynthetixSynthetix Technologies Inc. through gross profit.