Accounting records for Cookies for You Ltd. yield the following data for the year ended December 31, 2020 (amounts in thousands):

{Requirements}
1. Journalize Cookies for You's 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.
3. Why would Cookies for You choose the periodic inventory system instead of the perpetual inventory system?

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Inventory. December 31, 2019. Purchases of inventory (on account). Sales of inventory-80% on account; 20% for cash........ Inventory at the lower of FIFO cost and net realizable value, December 31, 2020..... $ 410 3,200 4,830 600