Below are data for two companies:Requirements
1. Define the three business types: service, merchandising, and manufacturing.
2. Based on the data given for the two companies, determine the business type of each one.
3. Calculate the cost of goods sold for each company.

Transcribed Image Text:

Company A Company B Beginning balances: $ 10,600 Merchandise Inventory $ 15,000 Finished Goods Inventory Ending balances: Merchandise Inventory 13,100 Finished Goods Inventory 11,700 Net Purchases 154,500 Cost of Goods Manufactured 214,500