Shown here are annual financial data at December 31, 2017, taken from two different companies. Music World Retail Wave-Board Manufacturing $155,000 $310,000 240,000 Beginning inventory Merchandise Finished goods Cost of purchases Cost of goods manufactured Ending inventory Merchandise Finished goods 585,000 140,000 280,000 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. 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: Goods available for sale Cost of goods sold $ 0 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 Manufacturing Business WAVE-BOARD MFG. Partial Income Statement For Year Ended December 31, 2017 Cost of goods sold Goods available for sale Cost of goods sold 0