Bar-Lev Enterprises' accounting records yield the following data for 19X3

\section*{Required}
1. Journalize Bar-Lev's inventory transactions for the year-first under the perpetual system, then under the periodic system. Show all amounts in thousands.
2. Report ending inventory, sales, cost of goods sold, and gross margin on the appropriate financial statement (amounts in thousands). Show the computation of cost of goods sold in the periodic system.

Transcribed Image Text:

Inventory, January 1 Purchases of inventory (on account).. Sales of inventory - 1/2 on account; 1/2 for cash (cost $1,539,000). Inventory, December 31.. $ 98,000 1,613,000 2,862,000