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1. Distinguish between manufacturing-, merchandising-, and service-sector companies. 2. Distinguish between inventoriable costs and period costs. 3. Classify each of the cost items (a–i) as an inventoriable cost or a period cost. Explain your answers.

1. Distinguish between manufacturing-, merchandising-, and service-sector companies. 2. Distinguish between inventoriable costs and period costs. 3. Classify each of the cost items (a–i) as an inventoriable cost or a period cost. Explain your answers.

2-34 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.

Marketing, distribution, and customer-service costs 37,000

Merchandise inventory, January 1, 2017 27,000

Utilities 17,000

General and administrative costs 43,000

Merchandise inventory, December 31, 2017 34,000

Purchases 155,000

Miscellaneous costs 4,000

Transportation-in 7,000

Purchase returns and allowances 4,000

Purchase discounts 6,000

Revenues 280,000

Required

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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