Accounting records for Halton Desserts, Inc., yield the following data for the year ended December 31, 2010 (amounts in thousands):

Inventory, December 31, 2009………………………………………………………… $ 560

Purchases of inventory (on account)………………………………………………… 2,040

Sales of inventory 70% on account; 30% for cash……………………………… 3,400

Inventory at the lower of FIFO cost or market, December 31, 2010…….. 680

Requirements
1. Journalize Halton Desserts 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.

Accounting records for Halton Desserts Inc yield the followin