Accounting records for Parkland Pastries, Inc., yield the following data for the year ended December 31, 2012 (amounts in thousands):
Inventory, Dec 31, 2011.................................................................................. $ 520
Purchases of inventory (on account)................................................................ 1,180
Sales of inventory—80% on account, 20% for cash........................................ 3,100
Inventory at the lower of FIFO cost or market, Dec 31, 2012 ......................... 620

Requirements
1. Journalize Parkland Pastries’ 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.