Prepare the cost of goods sold section of the income statement at December 31, 2017, for each in merchandise business and manufacturing business

Shown here are annual financial data at December 31, 2017, taken from two different companies. Music World Wave-Board Retail Manufacturing $200,000 300,000 Beginning inventory Merchandise Pinished goods $500,000 Cost of purchases Cost of goods manufactured Ending inventory 875,000 Merchandise Finished goods 175,000 225,000 Required: 1. Prepare the cost of goods sold section of the income statement at December 31, 2017, for each company in Merchandising Business and Manufacturing Business. Merch BusinessMfg Business Prepare the cost of goods sold section of the income statement at December 31, 2017, for company in Merchandising Business. MUSIC WORLD RETAIL Partial Income Statement For Year Ended December 31, 2017 Cost of goods sold Goods available for sale Cost of goods sold Merch Business Mtg Business Prepare the cost of goods sold section of the income statement at December 31, 2017, for company in Manufacturing Business. WAVE-BOARD MFG. Partial Income Statement For Year Ended December 31, 2017 Cost of goods sold Goods available for sale Cost of goods sold