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

	Music World Retail			Wave-Board Manufacturing
Beginning inventory
Merchandise	$	135,000
Finished goods				$	320,000
Cost of purchases		320,000
Cost of goods manufactured					579,000
Ending inventory
Merchandise		80,000
Finished goods					150,000

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.