Shown here are annual financial data at December 31, 2017, taken from two different companies. Music World Retail Wave-Board Manufacturing Beginning inventory Merchandise $ 185,000 Finished goods $ 330,000 Cost of purchases 330,000 Cost of goods manufactured 576,000 Ending inventory Merchandise 100,000 Finished goods 260,000 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.