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Requirement 3. Report ending inventory, sales, cost of goods sold, and gross profit on the...

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Requirement 3. Report ending inventory, sales, cost of goods sold, and gross profit on the appropriate financial statement (amounts in thousands), assuming the perpetual inventory system is use Report the appropriate account(s) on the balance sheet. Balance Sheet: Current assets: i Accounting records (Amounts in thousands) Inventory, December31, 2016 Purchases of inventory (on account) Sales of inventory-7896 on account, 22% for cash (cost $1,560) Inventory at FIFO, December 31, 2017 Report the appropriate account(s) on the income statement. ,800 2,900 820 Income Statement

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