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A car manufacturer incurs the following costs. Classify each cost as either a product or period cost. If a product cost, classify it as direct materials, direct labor, or factory overhead. If a period cost, classify it as a selling expense or a general and administrative expense. Place an "X" in the correct column for each cost. (Leave no cell blank. If there is no effect select "No".) Product Costs Period Costs Costs General & Direct Direct Labor Factory Selling Administrative Materials Overhead Expense Expense 1. Factory electricity 2. Advertising 3. Depreciation on factory machine 4. Batteries for electric cars 5. Office supplies used 6. Wages to assembly workers 7. Salesperson commissions 8. Steel for cars 9. Depreciation on office equipment 10. Leather for car seatsShown here are annual financial data for a merchandising company and a manufacturing company. Music World Wave-Board Retail Manufacturing Beginning inventory Merchandise $ 200,000 Finished goods $ 500,000 Cost of merchandise purchased 300,000 Cost of goods manufactured 875,000 Ending inventory Merchandise 175,000 Finished goods 225,000 Required: Prepare the cost of goods sold section of the income statement for each company in Merchandising Business and Manufacturing Business. Merchandising Manufacturing Business Business Prepare the cost of goods sold section of the income statement for each company in Merchandising Business. Cost of goods sold _ Goods available for sale . Cost of goods sold _ Merchandising Manufacturing Business 5 Business Prepare the cost of goods sold section of the income statement for each company in Manufacturing Business. Cost of goods sold _ Goods available for sale Cost of goods sold