Page 565 Problem 14-5A Inventory computation and reporting c4 CP1 Shown here are annual financial data taken from two different companies. Music World Wave-Board Retail Manufacturing $200,000 $500,000 300,000 Beginning inventory Merchandise Finished goods Cost of purchases Cost of goods manufactured Ending inventory Merchandise Finished goods 875,000 175,000 225,000 Required 1. Compute the cost of goods sold section of the income statement for the year for each company. Check (1) Wave-Board's cost of goods sold, $1,150,000 2. Identify the inventory accounts and describe where each is reported on the income statement and balance sheet for both companies