Krapp Technologies Inc. began 2022 with inventory of $20,000. During the year, Krapp purchased inventory costing...

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Krapp Technologies Inc. began 2022 with inventory of $20,000. During the year, Krapp purchased inventory costing S100,000 and sold goods for S140,000, with all transactions on account. Krapp ended the year with inventory of $30,000. 1. Joumalize all the necessary transactions under the periodic inventory system. 2. Joumalize all the necessary transactions under the perpetual inventory system. 3. Compute cost of goods sold by the cost-of-goods-sold model. 4. Prepare the December 2022 income statement of Krapp Technologies Inc, through gross profit. Krapp Technologies Inc. began 2022 with inventory of $20,000. During the year, Krapp purchased inventory costing S100,000 and sold goods for S140,000, with all transactions on account. Krapp ended the year with inventory of $30,000. 1. Joumalize all the necessary transactions under the periodic inventory system. 2. Joumalize all the necessary transactions under the perpetual inventory system. 3. Compute cost of goods sold by the cost-of-goods-sold model. 4. Prepare the December 2022 income statement of Krapp Technologies Inc, through gross profit.

Answer rating: 100% (QA)

Answer Solution 1 Date General Journal Debit Credit 2022 Ending inventory ... View the full answer