The following data are for Michael Department Store. The account balances (in thousands) are for 2017 5 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 empty; do not select a label or enter a zero.) Michael Department Store Schedule of Cost of Goods Purchased Data Table For the Year Ended December 31, 2017 in thousands) X x Add: Marketing, distribution, and customer-service costs Merchandise inventory, January 1, 2017 Utilities $ 32,000 27,000 10,000 Deduct: General and administrative costs 48,000 39,000 Merchandise inventory, December 31, 2017 Purchases 157,000 4,000 Cost of goods purchased Miscellaneous costs 8,000 Transportation in Purchase returns and allowances Purchase discounts 5,000 9.000 Revenues 325,000