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