Wexton Technologies Inc. began 2020 with inventory of $18,000. During the year, Wexton purchased inventory costing $130,000 and sold goods for $160,000, with all transactions on account. Wexton ended the year with inventory of $32,000. Wexton prepared the following lumal 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 Wexton 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 E B End bal. End bal Requirement 2. Compute cost of goods sold by the cost-of-goods-sold model. Plus: Goods available Less: Cost of goods sold Requirement 3. Prepare the December 2020 income statement of Wexton Technologies Inc. through gross profit. Wexton Technologies Inc. Income Statement For the Year Ended December 31, 2020 Gross profit - X i Journal entries Journal Entry Accounts Debit Credit 130,000 130,000 160,000 160.000 18,000 JE1 Purchases Accounts Payable JE2 Accounts Receivable Sales Revenue JE3 Cost of Goods Sold Inventory JE4 Inventory Cost of Goods Sold JE5 Cost of Goods Sold Purchases 18,000 32,000 32,000 130,000 130,000 Print Done