Refer to the Atomic Tackle Shop data in Exercise 6-6, except assume that Atomic is using a periodic inventory system. Inventory on hand at December 31, 2017, was $38,000, based on a physical count.

In Exercise 6-6

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 periodic system.

2. Report ending inventory, sales, cost of goods sold, and gross margin on the appropriate financial statement.