The following data are for Marvin Department Store. The account balances (in thousands) are for 2011. Marketing, distribution, and customer-service costs $ 37,000 Merchandise inventory, January 1, 2011 27,000 Utilities 17,000 General and administrative costs 43,000 Merchandise inventory, December 31, 2011 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 Required

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The following data are for Marvin Department Store. The account balances (in thousands) are for 2011.

Marketing, distribution, and customer-service costs $ 37,000

Merchandise inventory, January 1, 2011 27,000

Utilities 17,000

General and administrative costs 43,000

Merchandise inventory, December 31, 2011 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

Required

1. Compute (a) the cost of goods purchased and (b) the cost of goods sold.

2. Prepare the income statement for 2011.


Related Book For answer-question

Cost Accounting A Managerial Emphasis

14th Edition

Authors: Charles T. Horngren, Srikant M.Dater, George Foster, Madhav

ISBN: 978-0132109178