Thorson Tackle Shop's accounting records yield the following data for the year ended December 31, 2014.
Inventory: January 1, 2014 ......................................................... $ 24,000
Purchases of inventory (on account) .......................................... 147,000
Sales of inventory-70 percent on account,
30 percent for cash (cost $133,000) ........................................... 225,000
Inventory at FIFO cost December 31, 2014.............................. ?
Required
1. Journalize Thorson Tackle Shop's inventory transactions for the year in the perpetual system.
2. Report ending inventory, sales, cost of goods sold, and gross margin on the appropriate financial statement.