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 1 Company 2 Beginning balances: Merchandise Inventory Finished Goods Inventory $ 10,800 15,800 Ending balances: Merchandise Inventory Finished Goods Inventory 12,300 11,300 Net Purchases 153,500 Cost of Goods Manufactured 212,000

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