Accounting records for Big Steer Tire Ltd. yield the following data for the year ended December...

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Accounting records for Big Steer Tire Ltd. yield the following data for the year ended December 31, 2022 (amounts in thousands): Inventory, December 31, 2021 550 Purchases of inventory (on account). 1,200 2,000 Sales of inventory-80% on account; 20% for cash (cost $900). Sales returns - all on account (cost 45) 10 Inventory at FIFO cost, December 31, 2022. 850 Required 1. Joumalize Big Steer Tire's inventory transactions for the year under the perpetual 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). Accounting records for Big Steer Tire Ltd. yield the following data for the year ended December 31, 2022 (amounts in thousands): Inventory, December 31, 2021 550 Purchases of inventory (on account). 1,200 2,000 Sales of inventory-80% on account; 20% for cash (cost $900). Sales returns - all on account (cost 45) 10 Inventory at FIFO cost, December 31, 2022. 850 Required 1. Joumalize Big Steer Tire's inventory transactions for the year under the perpetual 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).

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Step 1 The perpetual inventory system records the units held in stock on a ... View the full answer