The following data are for Montgomery Retail Outlet Stores. The account balances (in thousands) are

Feb 3rd, 2012
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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 $ 24,000 Merchandise inventory, January 1, 2011 45,000 Shipping of merchandise to customers 2,000 Building depreciation $ 4,200 Purchases 260,000 General and administrative costs 32,000 Merchandise inventory, December 31, 2011 52,000 Merchandise freight-in 10,000 Purchase returns and allowances 11,000 Purchase discounts 9,000 Revenues 320,000 Compute (a) the cost of goods purchased and (b) the cost of goods sold. Prepare the income statement for 2011.

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