Computing cost of goods purchased and cost of goods sold. The following data are for Marvin Department Store. The account balances (in thousands) are for 2017. Marketing, distribution, and customer-service costs Merchandise inventory, January 1, 2017 Utilities General and administrative costs Merchandise inventory, December 31, 2017 Purchases Miscellaneous costs Transportation-in Purchase returns and allowances Purchase discounts Revenues $ 37,000 27,000 17,000 43,000 34,000 155,000 4,000 7,000 4,000 6,000 280,000 Required: 1. Compute (a) the cost of goods purchased and (b) the cost of goods sold. 2. Prepare the income statement for 2017