Shown here are annual financial data at December 31, 2017, taken from two different companies.

	Music World Retail			Wave-Board Manufacturing
Beginning inventory
Merchandise	$	215,000
Finished goods				$	370,000
Cost of purchases		240,000
Cost of goods manufactured					574,000
Ending inventory
Merchandise		70,000
Finished goods					180,000

Required: 1. Prepare the cost of goods sold section of the income statement at December 31, 2017, for each company in Merchandising Business and Manufacturing Business.