Requirement 1. Define the three business types: service, merchandising, and manufacturing. Business type Service Merchandising Manufacturing Definition Does not sell products. They sell time, skills, and knowledge. Resells products previously bought from suppliers. 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 company and Company B is a company manufacturing Data table merchandising. service 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 157,000 Cost of Goods Manufactured 210,500 Print Done