The following data are for Mitchell Mitchell Department Store. The account balances (in thousands) are for 2014.

Marketing, distribution, and customer-service costs	$38,000
Merchandise inventory, January 1, 2014	29,000
Utilities	11,000
General and administrative costs	43,000
Merchandise inventory, December 31, 2014	39,000
Purchases	155,000
Miscellaneous costs	2,000
Transportation-in	9,000
Purchase returns and allowances	6,000
Purchase discounts	8,000
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 2014 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 Mitchell Department Store Schedule of Cost of Goods Purchased For the Year Ended December 31, 2014 (in thousands) Add: Deduct: Cost of goods purchased