Accounting records for Yummy Dessert Ltd. yield the following data for the year ended January 31, 2017 (amounts in thousands): (Click the icon to view the data.) Requirements 1. Journalize Yummy 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 Yummy 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 Date Accounts Debit Credit Accounting records Inventory 3000 Accounts Payable 3000 Inventory, December 31, 2016 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, ..S470 3,000 4,930 Journalize the sales transaction. Journal Entry Date Debit Credit December 31, 2017 630 PrintDone Accounting records for Yummy Dessert Ltd. yield the following data for the year ended January 31, 2017 (amounts in thousands): (Click the icon to view the data.) Requirements 1. Journalize Yummy 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 Yummy 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 Date Accounts Debit Credit Accounting records Inventory 3000 Accounts Payable 3000 Inventory, December 31, 2016 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, ..S470 3,000 4,930 Journalize the sales transaction. Journal Entry Date Debit Credit December 31, 2017 630 PrintDone