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Item 13

Item 13 2 points

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

	Music World Retail			Wave-Board Manufacturing
Beginning inventory
Merchandise	$	135,000
Finished goods				$	240,000
Cost of purchases		260,000
Cost of goods manufactured					584,000
Ending inventory
Merchandise		170,000
Finished goods					220,000

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.

Complete this question by entering your answers in the tabs below. Merch Business Mfg Business Prepare the cost of goods sold section of the income statement for the year for company in Manufacturing Business. WAVE-BOARD MFG. Cost of Goods Sold For The Year Cost of goods sold Goods available for sale Cost of goods sold $ Merch Business Mfg Business Complete this question by entering your answers in the tabs below. Merch Business Mfg Business Prepare the cost of goods sold section of the income statement for the year for company in Merchandising Business. MUSIC WORLD RETAIL Cost of Goods Sold For The Year Cost of goods sold: Merchandise purchases Add: Cost of goods manufactured Goods available for sale $ 260,000 395,000 655,000 Cost of goods sold $ 655,000

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