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Requirements 1. Compute (a) the cost of goods purchased and (b) the cost of goods sold. 2. Prepare the income statement for 2020 . Monica

image text in transcribedimage text in transcribed Requirements 1. Compute (a) the cost of goods purchased and (b) the cost of goods sold. 2. Prepare the income statement for 2020 . Monica Retail Outlet Stores Schedule of Cost of Goods Purchased For the Year Ended December 31, 2020 (in thousands) Add: Deduct: Cost of goods purchased

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