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 merchandisingompany 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 Data table Cost of Goods Sold Now calculate the cost of goods sold for Company B. Company B Cost of Goods Sold Merchandise Inventory, beginning balance $ Company A Company B 10,600 Finished Goods Inventory, beginning balance $ 15,600 Merchandise Inventory, ending balance Finished Goods Inventory, ending balance 12.100 11,100 Net Purchases 154.500 Cost of Goods Manufactured 210,000 Print Done