Question

The following data are for Maurice Department Store. The account balances (in thousands) are for 2013.
Marketing, distribution, and customer- service costs... $ 30,000
Merchandise inventory, January 1, 2013........ 25,000
Utilities ..................... 10,000
General and administrative costs ........... 42,000
Merchandise inventory, December 31, 2013..... 38,000
Purchases .................... 156,000
Miscellaneous costs................ 6,000
Transportation- in ................ 8,000
Purchase returns and allowances ........... 5,000
Purchase discounts ................. 9,000
Revenues .................... 295,000

Required
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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  • CreatedJanuary 15, 2015
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