Data below belongs to a hypothetical merchandising company, called Marvin Store. The account balances (in thousands) are for 2017.

Marketing (Selling) expenses	$ 30,000
Merchandise inventory	20,000
Administrative expenses	40,000
Merchandise inventory, December 31, 2017	30,000
Purchases	135,000
Freight-in	5,000
Sales	280,000

i) Compute the cost of goods sold.

ii) Prepare the income statement for 2017.