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

$($Click the icon to view the data.$)$

Requirements

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

Prepare the income statement for $2020.$

Michael Retail Outlet Stores

Schedule of Cost of Goods Sold

For the Year Ended December $31,2020($in thousands$)$

Requirement $2.$ Prepare the income statement for $2020.($Use a minus sign or parenthese

Michael Retail Outlet Stores

Income Statement

For the Year Ended December $31,2020($in thousands$)$

Data table

$\backslash$table$[[$Marketing and advertising costs,$51,000],[$Merchandise inventory, January $1,2020,93,000],[$Shipping of merchandise to customers,$8,000],[$Depreciation on store fixtures,$8,500],[$Purchases$,524,000],[$General and administrative costs,$61,000],[$Merchandise inventory, December $31,2020,107,000],[$Merchandise freight$-$in$,30,000],[$Purchase returns and allowances,$24,000],[$Purchase discounts,$20,700],[$Revenues$,700,000]]$

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

$($Click the icon to view the data.$)$

Requirements

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

Prepare the income statement for $2020.$

Cost of goods sold

Requirement $2.$ Prepare the income statement for $2020.($Use a minus sign or parentheses

Michael Retail Outlet Stores

Income Statement

For the Year Ended December $31,2020($in thousands$)$

Operating costs:

Total operating costs

Operating income$/($loss$)$

Data table

$\backslash$table$[[$Marketing and advertising costs,$51,000],[$Merchandise inventory, January $1,2020,93,000],[$Shipping of merchandise to customers,$8,000],[$Depreciation on store fixtures,$8,500],[$Purchases$,524,000],[$General and administrative costs,$61,000],[$Merchandise inventory, December $31,2020,107,000],[$Merchandise freight$-$in$,30,000],[$Purchase returns and allowances,$24,000],[$Purchase discounts,$20,700],[$Revenues$,700,000]]$