2-36. COST OF GOODS PURCHASED, COST OF GOODS SOLD, AND INCOME STATEMENT. The following data are for Mama Retail Outlet Stores. The account balances (in thousands) are for 2020. Marketing and advertising costs Merchandise inventory, January 1, 2020 Shipping of merchandise to customers Depreciation on store fixtures Purchases General and administrative costs Merchandise inventory, December 31, 2020 Merchandise freight-in Purchase returns and allowances Purchase discounts Revenues $ 54,000 94,000 10,000 8,800 521,000 63,000 101,000 21,000 25,000 22,000 690,000 Required 1. Compute (a) the cost of goods purchased and (b) the cost of goods sold. 2. Prepare the income statement for 2020.

2-36. COST OF GOODS PURCHASED, COST OF GOODS SOLD, AND INCOME STATEMENT. The following data are for Mama Retail Outlet Stores. The account balances (in thousands) are for 2020. Marketing and advertising costs Merchandise inventory, January 1, 2020 Shipping of merchandise to customers Depreciation on store fixtures Purchases General and administrative costs Merchandise inventory, December 31, 2020 Merchandise freight-in Purchase returns and allowances Purchase discounts Revenues $ 54,000 94,000 10,000 8,800 521,000 63,000 101,000 21,000 25,000 22,000 690,000 Required 1. Compute (a) the cost of goods purchased and (b) the cost of goods sold. 2. Prepare the income statement for 2020.

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Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 48E

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