Shown here are annual financial data for a merchandising company and a manufacturing company. Music World Retail Wave-Board Manufacturing Merchandise Beginning inventory Finished goods $175,000 $ 340,000 Cost of merchandise purchased 340,000 ok ences Cost of goods manufactured Ending inventory Merchandise 591,000 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