The following data are for Mark Retail Outlet Stores. The account balances (in thousands) are for 2020.

Requirements

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

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.

Mark Retail Outlet Stores
Schedule of Cost of Goods Purchased
For the Year Ended December 31, 2020 (in thousands)
Add:
Deduct:
Cost of goods purchased

Data Table

Marketing and advertising costs	$49,000
Merchandise inventory, January 1, 2020	91,000
Shipping of merchandise to customers	9,000
Depreciation on store fixtures	9,000
Purchases	529,000
General and administrative costs	69,000
Merchandise inventory, December 31, 2020	110,000
Merchandise freight-in	29,000
Purchase returns and allowances	30,000
Purchase discounts	24,000
Revenues	630,000