Accounting records for Yates Corporation yield the following data for
Accounting records for Yates Corporation yield the following data for the year ended March 31, 2014:
Inventory, March 31, 2013...................................................................... $ 12,000
Purchases of inventory (on account)......................................................... 72,000
Sales of inventory—79% on account; 21% for cash (cost $56,000)......... 108,000
Inventory at FIFO, March 31, 2014......................................................... 28,000

Requirements
1. Journalize Yates’s inventory transactions for the year under the perpetual system.
2. Report ending inventory, sales, cost of goods sold, and gross profit on the appropriate financial statement.

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