Shown here are annual financial data for a merchandising company and a manufacturing company. Beginning inventory Merchandise Finished goods Cost of merchandise purchased Cost of goods manufactured Ending inventory Merchandise Finished goods Required: Music World Retail Wave-Board Manufacturing $ 195,000 $ 240,000 270,000 574,000 180,000 270,000 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 Merchandising Business. Cost of goods sold Cost of Goods Sold for the Year Goods available for sale Cost of goods sold Prepare the cost of goods sold section of the income statement for the Manufacturing Business. Cost of Goods Sold for the Year Cost of goods sold Goods available for sale Cost of goods sold