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Compute the cost of goods purchased and sold

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Reference no: EM13528361

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
Utilities 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
Purchase returns and allowances 4,000
Purchase discounts 6,000
Revenues 280,000

Required

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

2. Prepare the income statement for 2011.

Reference no: EM13528361

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