Accounting records for Halton Dessert Ltd. yield the following data for the year ended August 31, 2017 (amounts in thousands): (Click the icon to view the data.) Requirements 1. Journalize Halton Dessert'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. Requirement 1. Journalize Halton Dessert's inventory transactions for the year under the periodic system. Show all amounts in thousands. (Record debits first, then credits. Explanations are not required.) Begin by journalizing the inventory purchase Journal Entry i Accounting records Date Accounts Debit Credit Inventory, December 31, 2016 Purchases of inventory (on account) Sales of inventory-70% on account, 30% for cash Inventory at the lower of FIFO cost and net realizable value, $410 3,800 4,870 Journalize the sales transaction Journal Entry December 31, 2017 650 Date Accounts Debit Credit Print Done Journalize the end-of-period entries