Question

Shown here are annual financial data taken from two different companies.    Music World Retail Wave-Board...

Shown here are annual financial data taken from two different companies.
  

Music World
Retail		 Wave-Board
Manufacturing
Beginning inventory
Merchandise $ 185,000
Finished goods $ 300,000
Cost of purchases 290,000
Cost of goods manufactured 577,000
Ending inventory
Merchandise 60,000
Finished goods 240,000

   
Required:
1. Prepare the cost of goods sold section of the income statement for the year for each company in Merchandising Business and Manufacturing Business.
  

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