Shown here are annual financial data for a merchandising company and a manufacturing company. Music World Wave -Board Retail Manufacturing Beginning inventory Merchandise $ 155, 000 Finished goods $ 370,000 Cost of merchandise purchased 260, 000 Cost of goods manufactured 580, 000 Ending inventory Merchandise 170, 000 Finished goods 260, 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 for the Year Cost of goods sold Goods available for sale Cost of goods sold