The following data are for MarvinMarvin Department Store. The account balances (in thousands) are for 2017LOADING... (Click the icon to view the account balances.) 

Requirements 1. 

Compute (a) the cost of goods purchased and (b) the cost of goods sold. 2. Prepare the income statement for 20172017. Requirement 1. Compute (a) the cost of goods purchased and (b) the cost of goods sold. (a) Calculate the cost of goods purchased by completing the schedule. (If a box is not used in the schedule, leave the box empty; do not select a label or enter a zero.) Marvin Department Store Schedule of Cost of Goods Purchased For the Year Ended December 31, 2017 (in thousands) Add: Deduct: Cost of goods purchased

Marketing, distribution, and customer-service costs	$37,000
Merchandise inventory, January 1, 2017	27,000
Utilities	17,000
General and administrative costs	43,000
Merchandise inventory, December 31, 2017	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

Answer rating: 100% (QA)

Marvin Department store Scheduled of cost of goods purchased For the year ended December 31201... View the full answer