I. Calculating cost of goods sold for merchandising and manufacturing companies Below are data for two companies Company 1 Company 2 Beginning balances: Merchandise Inventory $15,000 Finished Goods Inventory S18,250 Ending balances: Merchandise Inventory 23,500 Finished Goods Inventory 22,700 Net Purchases Cost of Goods Manufactured 171,000 180,500 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 of each company II. DSD, Inc. designs and manufactures thermometers used in industrial businesses. A natural disaster occurred, inventory was completely ruined, and the company's computer system, including all account records, was destroyed. Before the disaster recovery specialists clean the buildings, Barry Senter, the company controller, is trying to salvage whatever records he can to support an insurance claim for the destroyed inventory. He is standing in what is left of the accounting department with Bob Vachon, the cost accountant Bob asked Barry what he should be looking for