The following data are for

Mike

Department Store. The account balances (in thousands) are for

2020.

1.	Compute (b) the cost of goods sold.
2.	Prepare the income statement for 2020.

Marketing, distribution, and customer-service costs

$33,000

Merchandise inventory, January 1, 2020

27,000

Utilities

13,000

General and administrative costs

48,000

Merchandise inventory, December 31, 2020

39,000

Purchases

156,000

Miscellaneous costs

4,000

Transportation-in

9,000

Purchase returns and allowances

2,500

Purchase discounts

6,000

Revenues

310,000