Shown here are annual financial data for a merchandising company and a manufacturing company. Music World Retail Wave-Board Manufacturing Beginning inventory Merchandise $ 135,000 Finished goods $ 350,000 Cost of merchandise purchased 240,000 586,000 Cost of goods manufactured Ending inventory Merchandise Finished goods 140,000 170,000 Required: Prepare the cost of goods sold section of the income statement for each company. Complete this question by entering your answers in the tabs below. Merchandising Manufacturing Business Business Prepare the cost of goods sold section of the income statement for the Merchandising Business. Cost of goods sold Cost of Goods Sold for the Year Goods available for sale Cost of goods sold < Merchandising Business Manufacturing Business > Shown here are annual financial data for a merchandising company and a manufacturing company. Music World Retail Wave-Board Manufacturing Beginning inventory Merchandise $ 135,000 Finished goods $ 350,000 Cost of merchandise purchased 240,000 586,000 Cost of goods manufactured Ending inventory Merchandise Finished goods Required: 140,000 170,000 Prepare the cost of goods sold section of the income statement for each company. Complete this question by entering your answers in the tabs below. Merchandising Manufacturing Business Business Prepare the cost of goods sold section of the income statement for the Manufacturing Business. Cost of goods sold Cost of Goods Sold for the Year Goods available for sale Cost of goods sold < Merchandising Business Manufacturing Business >