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18 of 5 The following data are for Monica Retail Outlet Stores. The account balances (in thousands) are for 2017 (Click the icon to view the data.) Requirements 1. Compute (a) the cost of goods purchased and (b) the cost of goods sold 2. Prepare the income statement for 2017 Requirement 1. Compute (a) the cost of goods purchased and (b) the cost of goods sold. (a) Begin by completing the schedule of cost of goods purchased. Monica Retail Outlet Stores Schedule of Cost of Goods Purchased For the Year Ended December 31, 2017 (in thousands)

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