The following data are for Huang Wong Ping Retail Outlet Stores. The account balances (in thousands) are for 2021.

Required

1. Compute 

(a) The cost of goods purchased and 

(b) The cost of goods sold.
2. Prepare the income statement for 2021.

Transcribed Image Text:

Marketing and advertising costs Merchandise inventory, January 1, 2021 Shipping of merchandise to customers Depreciation on store fixtures Purchases General and administrative costs Merchandise inventory, December 31, 2021 Merchandise freight-in Purchase returns and allowances Purchase discounts Revenues $ 54,300 115,800 5,700 10,420 654,000 74,800 124,200 25,000 32,400 22,600 798,000