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2-30 Cost of goods purchased, cost of goods sold, and income statement. The following data are for Montgomery Retail Outlet Stores. The account balances (in thousands) are for 2011. Marketing and advertising costs $ 24,000 Merchandise inventory, January 1, 2011 45,000 Shipping of merchandise to customers 2.000 Building depreciation Purchases General and administrative costs Merchandise inventory, December 31, 2011 Merchandise freight-in Purchase returns and allowances Purchase discounts Revenues $ 4,200 260,000 32,000 52,000 10,000 11,000 9,000 320,000 1. Compute (a) the cost of goods purchased and (b) the cost of goods sold. 2. Prepare the income statement for 2011