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 . Marketing, distribution, and customer-service costs Merchandise inventory, January 1, 2020 Utilities General and administrative costs Merchandise inventory, December 31, 2020 Purchases Miscellaneous costs Transportation-in Purchase returns and allowances Purchase discounts Revenues \$. 36,000 24,000 10,000 42,000 37,000 152,000 3,500 8,000 6,000 9,000 285,000 Requirement 2. Prepare the income statement for 2020. Beginning merchandise inventory 1/1/2020 The fo Cost of goods sold thousands) are for 2020. Requit 1. C Ending merchandise inventory 12/31/2020 2. P General and administrative expenses Gross margin Cost o Marketing, distribution, and customer-service costs 132,000 Requir Miscellaneous costs Operating costs Operating income Purchase discount Revenues $285,000132,000153,000 Operating costs Marketing, distribution, and customer-service costs Utilities General and administrative expenses 36,000 Total operating costs Operating income 10,000 42,000