Accounting records for Allegheny Corporation yield the following data for the year ended December 31, 20X8 (amounts in thousands):
|
Inventory, December 31, 20X7 |
$ 370 |
|
Purchases of inventory (on account) |
1,200 |
|
Sales of inventory—80% on account; 20% for cash (cost $900) |
2,000 |
|
Inventory at FIFO cost, December 31, 20X8 |
670 |
Required
1. Journalize Allegheny’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).