Question
The following data are for Mike Department Store. The account balances (in thousands) are for 2013. Marketing, distribution, and customer-service costs $39,000 Merchandise inventory, January
The following data are for Mike Department Store. The account balances (in thousands) are for 2013.
Marketing, distribution, and customer-service costs | $39,000 |
Merchandise inventory, January 1, 2013 | 24,000 |
Utilities | 10,000 |
General and administrative costs | 40,000 |
Merchandise inventory, December 31, 2013 | 38,000 |
Purchases | 158,000 |
Miscellaneous costs | 7,000 |
Transportation-in | 11,000 |
Purchase returns and allowances | 9,000 |
Purchase discounts | 4,000 |
Revenues | 295,000 |
Requirements
1. | Compute (a) the cost of goods purchased and (b) the cost of goods sold. |
2. | Prepare the income statement for 2013. |
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