Below are data for two companies:Requirements
1. Define the three business types: service, merchandising, and manufacturing.
2. Based on the data given for the two companies, determine the business type of each one.
3. Calculate the cost of goods sold for each company.

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Company 1 Company 2 Beginning balances: $ 11,600 Merchandise Inventory $ 15,400 Finished Goods Inventory Ending balances: Merchandise Inventory 12,400 Finished Goods Inventory 11,300 Net Purchases 152,500 Cost of Goods Manufactured 214,500