Question: 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

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.

Company A Company B Beginning balances: 10,000 Merchandise Inventory Finished Goods Inventory $ 15,500 Ending balances: Merchandise Inventory Finished Goods Inventory 12,500 11,750 Net Purchases 156,000 Cost of Goods Manufactured 212,500

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