Response to the following problem:
Computing cost of goads purchased and cast of goods sold. The following data are for Marvin Department Store. The account balances (in thousands) are for 2008.
Marketing,distribution, and customer-service costs $37000
Merchandise inventory, January 1, 2008 27000
Utilities 17000
General and administrative costs 43000
Merchandise inventory, December 31,2008 34000
Purchases 155000
Miscellaneous costs 4000
Transportation-in 7000
Purchase return and allowances 4000
Purchase discounts 6000
Compute (1) the cost of goods purchased and (2) the cost of goodssold.