The following data are for Marvin Department Store. The account balances (in thousands) are for 2017.

1. Compute

(a) the cost of goods purchased and

(b) the cost of goods sold.
2. Prepare the income statement for 2017.

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