question archive The following data are for Marvin Department Store

The following data are for Marvin Department Store

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

Requirements

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

2. Prepare the income statement for 2017 

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

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