Atomic Tackle Shop's accounting records yield the following data for the year ended December 31, 2017:
Inventory: January 1, 2017 ................................... $ 24,000
Purchases of inventory (on account) .................. 147,000
Sales of inventory-70 percent on account,
30 percent for cash (cost $133,000) .................. 225,000
Inventory at FIFO cost December 31, 2017 ........ ?
Required
1. Journalize Atomic Tackle Shop's inventory transactions for the year in a perpetual system.
2. Report ending inventory, sales, cost of goods sold, and gross margin on the appropriate financial statement.