Match each of the following terms used in a manufacturing company’s income statement with the equivalent term used in a merchandising company’s income statement.

• _____ Cost of goods manufactured 
• _____ Work-in-process inventory 
• _____ Finished goods inventory 
• _____ Cost of goods sold

1. Merchandise inventory 

2. Same term is used by a merchandising company 

3. Net purchases 

4. Not applicable for a merchandising company