Requirement 1. Define the three business types: service, merchandising, and manufacturing. Business type Service Definition Does not sell products. They sell time, skills, and knowledge. Merchandising Resells products previously bought from suppliers Manufacturing Uses labor, equipment, supplies, and facilities to convert raw materials into new finished products. Requirement 2. Based on the data given for the two companies, determine the business type of each one. Company A is a merchandisingcompany and Company B is a manufacturing company. Requirement 3. Calculate the cost of goods sold for each company, Begin by calculating the cost of goods sold for Company A. Company A T Data table Cost of Goods Sold- Company A Company B Merchandise Inventory, beginning balance $ 10,800 Finished Goods Inventory, beginning balance $ 14.800 Merchandise Inventory, ending balance 13,500 Finished Goods Inventory, ending balance 12,700 Net Purchases Cost of Goods Manufactured 157,000 210,500 Print Done