The following data are for Matthew Department Store. The account balances in thousands) are for 2017 (Click the icon to view the account balances) Requirements 1 Compute(a) the cost of goods purchased and (b) the cost of goods sold 2. Prepare the income statement for 2017 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 amply, do not select a label or enter a zero) Matthew Department Store Schedule of Cost of Goods Purchased For the Year Ended December 31, 2017 in thousands) Purchases $ 150,000 Add: Transportation in 7.000 157,000 Deduct Purchase return and allowances 5.000 Purchase discounts 8,000 13,000 Cost of goods purchased $ 144,000 (b) Next caloulate the cost of goods sold by completing the following schedule Matthew Department Store Choose from any list or enter any number in the input fields and then click Check Answer 2. Prepare the income statement for 2017. $ 144,000 Cost of goods purchased (b) Next calculate the cost of goods sold by completing the following schedule. Matthew Department Store Schedule of Cost of Goods Sold For the Year Ended December 31, 2017 (in thousands) Beginning merchandise inventory 1/1/2017 Cost of goods purchased Cost of goods available for sale Ending merchandise inventory 12/31/2017 28,000 144,000 172,000 33,000 139,000 Cost of goods sold Requirement 2. Prepare the income statement for 2017. Matthew Department Store Income Statement For the Year Ended December 31, 2017 (in thousands) Choose from any list or enter any number in the input fields and then click Check Answer. Clear All All parts showing 2. Prepare the income statement for 2017 Cost of goods sold 139,000 Requirement 2. Prepare the income statement for 2017 Matthew Department Store Income Statement For the Year Ended December 31, 2017 (in thousands) Revenues Cost of goods sold Gross margin Operating costs Choose from any list or enter any number in the input fields and then click Check Answer Clear All All parts showing J Udland ( uuuuu Data Table Marketing, distribution, and customer-service costs $ 39,000 Merchandise inventory, January 1, 2017 28,000 Utilities 18,000 General and administrative cpsts Merchandise inventory, December 31, 2017 Purchases Miscellaneous costs Transportation-in Purchase returns and allowances Purchase discounts Revenues 45,000 33,000 150,000 3,000 7,000 5,000 8,000 310,000 Print Done