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Shown here are annual financial data taken from two different companies. Music World Retail Wave-Board Manufacturing $125,000 $ 220,000 340,000 Beginning inventory Merchandise Finished goods Cost of purchases Cost of goods manufactured Ending inventory Merchandise Finished goods 591,000 80,000 160,000 Required: 1. Prepare the cost of goods sold section of the income statement for the year for each company in Merchandising Business and Manufacturing Business. Complete this question by entering your answers in the tabs below. Merch Business Mfg Business Prepare the cost of goods sold section of the income statement for the year for company in Merchandising Business. MUSIC WORLD RETAIL Cost of Goods Sold For The Year Cost of goods sold: Goods available for sale Cost of goods sold Merch Business Mfg Business Prepare the cost of goods sold section of the income statement for the year for company in Manufacturing Business. WAVE-BOARD MFG. Cost of Goods Sold For The Year Cost of goods sold Goods available for sale Cost of goods sold