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The following data are for Mike Department Store. The account balances (in thousands) are for...

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Question

Accounting

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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