can someone solve this with steps? Thanks

12 AN INTRODUCTION TO COST TERMS AND PURPOSES Problems Cass goods purchased, cost of goods sold, and income statement. The following data are for Hong Wong Ping Retail Outlet Stores. The account balances (in thousands) are for 2021. $54,300 115,800 Marketing and advertising costs Merchandise inventory, January 1, 2021 Shipping of merchandise to customers Depreciation on store fixtures 5,700 10,420 Purchases 654,000 General and administrative costs 74,800 Merchandise inventory, December 31, 2021 124,200 Merchandise freight-in 25,000 Purchase returns and allowances 32,400 Purchase discounts 22,600 Revenues 798,000 1. Compute (a) the cost of goods purchased and (b) the cost of goods sold. 2. Prepare the income statement for 2021