Chapter 6A, Problem 2S

(Compute cost of goods sold and prepare the income statement—periodic system) Use the data in S6A-1 to do the following for Wexton Technologies.

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 income statement of Wexton Technologies through gross profit.