Computing cost of goods purchased and cost of goods sold. The following data are for Marvin Department Store. The account balances (in thousands) are for 2017. $ 37,000 27,000 17,000 43,000 34,000 155,000 4,000 7,000 4,000 6,000 280,000 Marketing, distribution, and customer-service costs Merchandise inventory, January 1, 2017 Utilities General and administrative costs Merchandise inventory, December 31, 2017 Purchases Miscellaneous costs Transportation-in Purchase returns and allowances Purchase discounts Revenues 1. Compute (a) the cost of goods purchased and (b) the cost of goods sold. 2 Prepare the income statement for 2017.
Computing cost of goods purchased and cost of goods sold. The following data are for Marvin Department Store. The account balances (in thousands) are for 2017. $ 37,000 27,000 17,000 43,000 34,000 155,000 4,000 7,000 4,000 6,000 280,000 Marketing, distribution, and customer-service costs Merchandise inventory, January 1, 2017 Utilities General and administrative costs Merchandise inventory, December 31, 2017 Purchases Miscellaneous costs Transportation-in Purchase returns and allowances Purchase discounts Revenues 1. Compute (a) the cost of goods purchased and (b) the cost of goods sold. 2 Prepare the income statement for 2017.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Computing cost of goods purchased and cost of goods sold. The following data are for Marvin
Department Store. The account balances (in thousands) are for 2017.
$ 37,000
27,000
17,000
43,000
34,000
155,000
4,000
7,000
4,000
6,000
280,000
Marketing, distribution, and customer-service costs
Merchandise inventory, January 1, 2017
Utilities
General and administrative costs
Merchandise inventory, December 31, 2017
Purchases
Miscellaneous costs
Transportation-in
Purchase returns and allowances
Purchase discounts
Revenues
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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