Shown here are annual financial data taken from two different companies.

	Music World Retail			Wave-Board Manufacturing
Beginning inventory
Merchandise	$	165,000
Finished goods				$	390,000
Cost of purchases		290,000
Cost of goods manufactured					582,000
Ending inventory
Merchandise		110,000
Finished goods					280,000

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