Solution-Compute the cost of goods purchased and cost of

Compute the cost of goods purchased and cost of goods sold

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Reference no: EM132548644

Computing cost of goods purchased and cost of goods sold. The following data are for Marvin Department Store. The account balances (in thousands) are for 2011

Marketing,distribution and customer-service costs $37,000

Merchandise inventory,January 1,2011 $27,000

Utililities $17,000

General and administrative costs $43,000

Merchandise inventory,December 31,2011 $34,000

Purchases $155,000

Miscellaneous costs $4,000

Transportation-in $7,000

Purchases returns and allowances $4,000

Purchases discounts $6,000

Revenues $280,000

Question 1. Compute (a) the cost of goods purchased and (b) cost of goods sold.

Question 2. Prepare the income statement for 2011.

Reference no: EM132548644

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Compute the cost of goods purchased and cost of goods sold

Reference no: EM132548644

Reference no: EM132548644

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