Shown here are annual financial data at December 31, 2017, taken from two different companies. Music World Retail Wave-Board Manufacturing $165,000 $200,000 Beginning inventory Merchandise Finished goods Cost of purchases Cost of goods manufactured Ending inventory Merchandise Finished goods 350,000 596,000 180,000 270,000 ces 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, Complete this question by entering your answers in the tabs below. Merch Business Mfg Business Merch Business Mfg 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 Merchandise purchases Add: Merchandise purchases Goods available for sale Less: Finished goods inventory, December 31, 2017 Cost of goods sold 0 $ 0 Mfg 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 Merchandise inventory, December 31, 2016 Add: Cost of goods manufactured Goods available for sale Less: Merchandise inventory, December 31, 2017 Cost of goods sold 0 $ 0