(SOLVED) Accounting records for Just Desserts Inc yield the following


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Accounting records for Just Desserts, Inc., yield the following data for the year ended December 31, 2010 (amounts in thousands):Inventory, December 31, 2009…………………………………………………………. $ 530Purchases of inventory (on account)…………………………………………………. 2,000Sales of inventory 75% on account, 25% for cash………………………………. 3,800Inventory at the lower of FIFO cost or market, December 31, 2010…….. 650Requirements1. Journalize Just 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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