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