The following data are for Miguel Department Store. The account balances (in thousands) are for 2020. (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 2020. 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. (b) Next calculate the cost of goods sold by completing the following schedule. Data table Requirement 2. Prepare the income statement for 2020. Beginning merchandise inventory 1/1/2020 isands) are for 2020. (Click t Cost of goods sold Ending merchandise inventory 12/31/2020 Comp Prepa General and administrative expenses Gross margin Marketing, distribution, and customer-service costs quireme Miscellaneous costs Operating costs Operating income Rev Purchase discount Cos Gro: Revenues \begin{tabular}{|l|r|} \hline Operating costs & 0 \\ \hline Marketing, distribution, and customer-service costs & 36,000 \\ Utilities & 10,000 \\ General and administrative expenses & 42,000 \\ \hline \end{tabular} Total operating costs Operating income