The following data are for Mike Department Store. The account balances (in thousands) are for 2013.
Marketing, distribution, and customer-service costs
$39,000
Merchandise inventory, January 1, 2013
24,000
Utilities
10,000
General and administrative costs
40,000
Merchandise inventory, December 31, 2013
38,000
Purchases
158,000
Miscellaneous costs
7,000
Transportation-in
11,000
Purchase returns and allowances
9,000
Purchase discounts
4,000
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 2013.
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