2-36 Cost of goods purchased, cost of goods sold, and income statement. The following data are for Mama Retail Outlet Stores. The account balances (in thousands) are for 2020. Marketing and advertising costs Merchandise inventory, January 1, 2020 $ 54,000 94,000 Shipping of merchandise to customers 10,000 Depreciation on store fixtures 8,800 Purchases 521,000 General and administrative costs 63,000 Merchandise inventory, December 31, 2020 101,000 Merchandise freight-in 21,000 Purchase returns and allowances 25,000 Purchase discounts 22,000 Revenues 690,000 1. Compute (a) the cost of goods purchased and (b) the cost of goods sold. 2. Prepare the income statement for 2020. Required