Problem 1-7A Shown here are annual financial data at December 31, 2009, taken from two different companies. Active Sports Retail Sno-Board Manufacturing Beginning inventory Merchandise $145,000 Finished goods $340,000 Cost of purchases 240,000 Cost of goods manufactured 582,000 Ending inventory Merchandise 110,000 Finished goods 150,000 Compute the cost of goods sold section of the income statement at December 31, 2009, for each company. Include the proper title and format in the solution.