The following data are for Mitchell Department Store 2017

The following data are for Mitchell Department Store. The account balances in thousands) are for 2017 (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 2017 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. (If a box is not used in the schedule, leave Data Table Mitchell Department Store Schedule of Cost of Goods Purchased For the Year Ended December 31, 2017 (in thousands) $ 30,000 22,000 10,000 Add 41,000 35,000 Marketing, distribution, and customer-service costs Merchandise inventory, January 1, 2017 Utilities General and administrative costs Merchandise inventory, December 31, 2017 Purchases Miscellaneous costs Transportation-in Purchase returns and allowances Purchase discounts Deduct: 155,000 3,000 6,000 4,000 Cost of goods purchased 8,000 Revenues 325,000 Print Done