Part $2$ of $5$

Points; $2\mathrm{.}05$ of $5$

Thames Compary accounting records yeid the following data lor the year ended December $31,2023$

$($Click the icon to view the accounting records.$)$

Required

Joumalze Thames Compery's inventory tramactions for the year in a perpetual system. Use Docember $31$ as the transacton date No explanations are necessary

Report ending inventory, sales, cost of goods sold, and gross margin on the appropriale francial statement

Requirement $1.$ Journalue Thames Company's menfory transactions soe the year in the perpelual system

The trst transaction is the purchase of inventory. Record the entry. $[$Record debits first, then credits. Ex

$\backslash$table$[[$Date$,$Accounts,Debit,Credit$],[$December $31,$Inventory,,$],[$Accounts Payable,$149,000,,]]$

Records

The next transaction is the sale of inventory Recond the entry

$\backslash$table$[[$Date$,$Accounts,Debit,Credit$],[$Decomber $31,,,],[,,,],[,,,]]$

Inventory: January $1,2023$

$334,000$

Purchases of inventery $($on account$)$

$149,000$

Sales of inventory $-75$ percent on account; $25$ percent

for cash $($cost $$145,000)$

$231,000$

Inventory at FIFO cost December $31,2023$

$?$