The following data are for Huang Wong Ping Retail Outlet Stores. The account balances (in thousands) are for 2017.

1. Compute

(a) the cost of goods purchased and

(b) the cost of goods sold.
2. Prepare the income statement for 2017.

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Marketing and advertising costs Merchandise inventory, January 1, 2017 Shipping of merchandise to customers Depreciation on store fixtures $ 54,300 115,800 5,700 10,420 Purchases 654,000 General and administrative costs 74,800 Merchandise inventory, December 31, 2017 124,200 Merchandise freight-in 25,000 Purchase returns and allowances 32,400 Purchase discounts 22,600 Revenues 798,000