MyLab Accou Score: 0 of 1 pt 1 of 2 (0 complete) Main Menu Alternate Problem P2-35 (static) Assignments The following data are for Arizona Retail Outlet Stores. The account balances (in thousands) are for 2017 (Click the icon to view the data.) Do Homework Requirements Compute (a) the cost of goods purchased and (b) the cost of goods sold. Take a Quiz/Test Prepare the income statement for 2017. 1. 2. Requirement 1. Compute (a) the cost of goods purchased and (b) the cost of goods sold. (a) Begin by completing the schedule of cost of goods purchased. Arizona Retail Outlet Stores Schedule of Cost of Goods Purchased For the Year Ended December 31, 2017 (in thousands) Add: Deduct: Cost of goods purchased Choose from any list or enter any number in the input fields and then click Check Answer. parts Clear All i Data Table $ 55,200 103,500 Marketing and advertising costs Merchandise inventory, January 1, 2017 Shipping of merchandise to customers Depreciation on Store Fixtures Purchases 4,600 9,660 598,000 General and administrative costs 73,600 Merchandise inventory, December 31, 2017 Merchandise freight-in Purchase returns and allowances Purchase discounts 119,600 23,000 25,300 20,700 736,000 Revenues Print Done