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 $ $220,000$

Cost of merchandise purchased $240,000$

Cost of goods manufactured $597,000$

Ending inventory

Merchandise $100,000$

Finished goods $270,000$

Required:

Prepare the cost of goods sold section of the income statement for each company.