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

Inventory, December 31, 2009...................................................................$ 530

Purchases of inventory (on account)..........................................................2,000

Sales of inventory 75% on account, 25% for cash.....................................3,800

Inventory at the lower of FIFO cost or market, December 31, 2010........ 650

Requirements

1. 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.