Shown here are annual financial data at December 31, 2017, taken from two different companies Music World Wave-Board Manufacturing Retail $195,000 230,000 Beginning inventory Merchandise Finished goods S340,000 Cost of purchases Cost of goods manufactured Ending inventory 587,000 Merchandise 180,000 Finished goods 150,000 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 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 inventory, December 31, 2016 Add: Merchandise purcha Goods available for sale Less: Finished goods inventory, December 31, 2017 Cost of goods sold S 195,000 230,000 425,000 180,000 $ 245,000 ses Merch Business Mfg Business> Merch Business Mfg Business Prepare the cost of goods sold section of the income statement Business. WAVE-BOARD MFG Partial Income Statement For Year Ended December 31, 2017 Goods available for sale Cost of goods sold Merch Business