The following data are for Department Store. The account balances (in thousands) are for 2017.

Requirements

1. Compute (a) the cost of goods purchased and (b) the cost of goods sold.

2. Prepare the income statement for .

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. (If a box is not used in the schedule, leave the box empty; do not select a label or enter a zero.)

Marketing, distribution, and customer-service costs	$34,000
Merchandise inventory, January 1, 2017	25,000
Utilities	19,000
General and administrative costs	40,000
Merchandise inventory, December 31, 2017	35,000
Purchases	151,000
Miscellaneous costs	6,000
Transportation-in	9,000
Purchase returns and allowances	5,000
Purchase discounts	7,000
Revenues	305,000