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Computing cost of goods purchased and cost of goods sold


Question: Computing cost of goods purchased and cost of goods sold. The following data are for Marvin Department Store. The account balances (in thousands) are for 2017.

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1. Compute

(a) the cost of goods purchased and

(b) the cost of goods sold.

2. Prepare the income statement for 2017.

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Accounting Basics: Computing cost of goods purchased and cost of goods sold
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