1. Prepare income statements for both Garcon Company and Pepper Company.

2. Prepare the current assets section of the balance sheet for each company.

! Required information [The following information applies to the questions displayed below.) The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Pepper Company $ 18,850 23,850 10,350 23, 350 36,200 Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Factory utilities General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, net Garcon Company $ 13,400 17,500 11,900 32,500 24,400 18,650 25,600 6,100 12,450 24,000 14,750 5,180 41,500 56,000 297,960 32,000 13,600 13,900 18,000 8,000 12,500 58,000 12,400 2,900 53,500 50,200 391,380 24,200 21,450 1. Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company for the year ended December 31. 2. Complete the table to calculate the cost of goods sold for both Garcon Company and Pepper Company for the year ended December 31. Prepare the income statement for Garcon Company. GARCON COMPANY Income Statement For Year Ended December 31 Cost of goods sold: Goods available for sale 0 Cost of goods sold 0 $ 0 Prepare the income statement for Pepper Company. PEPPER COMPANY Income Statement For Year Ended December 31 Cost of goods sold: Goods available for sale 0 Cost of goods sold 0 Net income 0 Prepare the current asset section of the balance sheet for Garcon Company. GARCON COMPANY Balance Sheet-Current Assets Section December 31 Total current assets $ 0 Prepare the current asset section of the balance sheet for Pepper Company. PEPPER COMPANY Balance Sheet-Current Assets Section December 31 Total current assets 0