Do not give answer in image Cost of goods purchased, cost of goods sold, and income statement. The following data are forMontgomery Retail Outlet Stores. The account balances (in thousands) are for 2011.Marketing and advertising costsMerchandise inventory, January 1, 2011Shipping of merchandise to customersBuilding depreciationPurchasesGeneral and administrative costsMerchandise inventory, December 31, 2011Merchandise freight-inPurchase returns and allowancesPurchase discountsRevenues1. Compute (a) the cost of goods purchased and (b) the cost of goods sold.2. Prepare the income statement for 2011.$ 4,200260,00032,00052,00010,00011,0009,000320,000$ 24,00045,0002,000

Income Statement :— It is one of the parts of financial statements which shows the income &…

Cost of goods purchased, cost of goods sold, and income statement. The following data are for Montgomery Retail Outlet Stores. The account balances (in thousands) are for 2011. Building depreciation Purchases Marketing and advertising costs Merchandise inventory, January 1, 2011 Shipping of merchandise to customers General and administrative costs Merchandise inventory, December 31, 2011 Merchandise freight-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 2011. $ 4,200 260,000 32,000 52,000 10,000 11,000 9,000 320,000 $ 24,000 45,000 2,000

Cost of goods purchased, cost of goods sold, and income statement. The following data are for Montgomery Retail Outlet Stores. The account balances (in thousands) are for 2011. Building depreciation Purchases Marketing and advertising costs Merchandise inventory, January 1, 2011 Shipping of merchandise to customers General and administrative costs Merchandise inventory, December 31, 2011 Merchandise freight-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 2011. $ 4,200 260,000 32,000 52,000 10,000 11,000 9,000 320,000 $ 24,000 45,000 2,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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