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

Inventory, December 31, 2019 $410

Purchases of inventory (on account) 3,200

Sales of inventory: 80% on account; 20% for cash 4,830

Inventory at the lower of FIFO and net realizable value 600 (at December 31, 2020)

Requirements

1. Journalize Cookies for Yous 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?