2-35 Computing cost of goods purchased and cost of goods sold. The following data are for Murray Department Store. The account balances (in thousands) are for 2020. Marketing, distribution, and customer-service costs Merchandise inventory, January 1, 2020 Utilities General and administrative costs Merchandise inventory, December 31, 2020 Purchases Miscellaneous costs Transportation-in Purchase returns and allowances Purchase discounts Revenues 1. Compute (a) the cost of goods purchased and (b) the cost of goods sold. 2. Prepare the income statement for 2020. $ 35,000 22,000 18,000 40,000 33,000 150,000 3,000 5,000 2,000 8,000 290,000