The following data are for Mitchell Department store. The account balances (in thousands) are for 2020. Marketing, distribution, and customer-service costs $36,000
Merchandise inventory, January 1,2020 20,000
Utilities 16,000
General and administrative costs 47,000
Merchandise inventory, December 31, 2020 35,000
Purchases 151,000
Miscellaneous costs 2,000
Transportation-in 6,000
Purchase returns and allowances 5,000
Purchase discounts 8,500
Revenues 315,000
1. Compute ​(a) the cost of goods purchased and ​(b) the cost of goods sold.
2. Prepare the income statement for2020\