Shown here are annual financial data at December 31, 2015, taken from two different companies.

	Music World Retail			Wave-Board Manufacturing
Beginning inventory
Merchandise	$	205,000
Finished goods				$	270,000
Cost of purchases		260,000
Cost of goods manufactured					586,000
Ending inventory
Merchandise		160,000
Finished goods					160,000

Required:
1.	Prepare the cost of goods sold section of the income statement at December 31, 2015, for each company.
	Merchandising Business

MUSIC WORLD RETAIL
Partial Income Statement
For Year Ended December 31, 2015
Cost of goods sold:
Goods available for sale	0
Cost of goods sold	$0

Manufacturing Business

WAVE-BOARD MFG.
Partial Income Statement
For Year Ended December 31, 2015
Cost of goods sold
Goods available for sale	0
Cost of goods sold	$0