$2-30$ Cost of goods purchased, cost of goods sold, and income statement. The following data are for

Montgomery Retail Outlet Stores. The account balances $($in thousands$)$ are for $2011.$

Marketing and advertising costs

Merchandise inventory, January $1,2011$

Shipping of merchandise to customers

Compute $($a$)$ the cost of goods purchased and $($b$)$ the cost of goods sold.

Prepare the income statement for $2011.$