Accounting records for Cookies for You Ltd. yield the following data for the year ended December 31, 2014 (amounts in thousands):
Inventory, December 31, 2013 .......................................................... $ 410
Purchases of inventory (on account) ................................................. 3,200
Sales of inventory-80% on account; 20% for cash .......................... 4,830
Inventory at the lower of FIFO cost and net realizable value,
December 31, 2014 .............................................................................. 600
Requirements
1. Journalize Cookies for You's inventory transactions for the year under the periodic system. Show all amounts in thousands.
2. Report ending inventory, sales, cost of goods sold, and gross profit on the appropriate financial statement (amounts in thousands). Show the computation of cost of goods sold.