(SOLVED) Accounting records for Halton Desserts Inc yield the followin


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Accounting records for Halton Desserts, Inc., yield the following data for the year ended December 31, 2010 (amounts in thousands):Inventory, December 31, 2009………………………………………………………… $ 560Purchases of inventory (on account)………………………………………………… 2,040Sales of inventory 70% on account; 30% for cash……………………………… 3,400Inventory at the lower of FIFO cost or market, December 31, 2010…….. 680Requirements1. 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.

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