Problem 1-5A Inventory computation and reporting LO C4, P1 Shown here are annual financial data at December 31, 2015, taken from two different companies Music World Retail Wave-Board Manufacturing $145,000 $ 380,000 240,000 Beginning inventory Merchandise Finished goods Cost of purchases Cost of goods manufactured Ending inventory Merchandise Finished goods 579,000 90,000 180,000 Required: 1. Prepare the cost of goods sold section of the income statement at December 31, 2015, for each company Merchandising Business MUSIC WORLD RETAIL Partial Income Statement For Year Ended December 31, 2015 Cost of goods sold: Goods available for sale Cost of goods sold Manufacturing Business WAVE-BOARD MFG. Partial Income Statement For Year Ended December 31, 2015 Cost of goods sold Goods available for sale Cost of goods sold