Homework: Chapter 2 HW Score: 0 of 25 pts P2-34 (similar to) The folowing data are for Miguel Department Store. The account balances (in thousands) are for 2017 1of5(0complete) HW Score: (Click the loon to view the account balances.) 1. Compute (a) the cost of goods purchased and (b) the cost of goods sold. 2. Prepare the income statement for 2017 Requirement 1. Compute (a) the cost of goods purchased and (b) the cost of goods sold (a) Calculate the cost of goods purchased by completing the schedule. (rabor is not used nte schodde, leave the box enety, doneseled albe, or emer azere.) Miguel Retail Outlet Stores Schedule of Cost of Goods Purchased For the Year Ended December 31, 2017 (in thousands) Data Table Marketing, distribution, and customer-service costs $ 36,000 26,000 12,000 40,000 35,000 156,000 6,000 8,000 Add Merchandise inventory, January 1, 2017 Utlities General and administrative costs Merchandise invenlory, December 31, 2017 Purchases Miscellaneous sts Deduct Cost of goods purchased Purchase returns and allowances Purchase discounts Revenues 5,000 9,000 290,000 hoose from any list or enter any number in the input filelds and then click Check Answer. Print Done