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

Required
1. Compute the cost of goods sold section of the income statement at December 31, 2017, for each company. Include the proper title and format in the solution.
2. Write a half-page memorandum to your instructor (a) identifying the inventory accounts and (b) identifying where each is reported on the income statement and balance sheet for both companies.

Transcribed Image Text:

TeeMart (Retal) Am Labs (Manufacturing) Beginning inventory Merchandise Finished goods Cost of purchases... $100,000 300,000 250,000 586,000 Cost of goods manufactured Ending inventory Merchandise 150,000 Finished goods 200,000