12. Garcon 1

. . . 6 69% Done ezto.mheducation.com C AA Ch 14: Assignment Saved Help Save & Exit Submit Check my work 12 The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Garcon Pepper Part 2 of 2 Company Company Finished goods inventory, beginning $ 13, 200 $ 16, 150 Work in process inventory, beginning 18, 800 21, 900 3,500 12, 750 1.53 Raw materials inventory, beginning Rental cost on factory equipment 32, 750 23, 350 points Direct labor 21, 600 37, 000 Finished goods inventory, ending 17, 450 14, 400 Work in process inventory, ending 26,200 16, 200 Raw materials inventory, ending 7, 100 9, 400 Book Factory utilities 13, 650 17, 250 General and administrative expenses 31, 500 47, 500 Indirect labor 14, 750 12, 440 Repairs-Factory equipment 5, 300 3, 750 Hint Raw materials purchases 35, 000 59,500 Selling expenses 56, 000 46, 600 Sales 298, 350 384, 620 Cash 28, 000 22, 700 Print Accounts receivable, net 14, 800 22, 450 References Exercise 14-8 (Algo) Preparing financial statements for a manufacturer LO P1 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company. Complete this question by entering your answers in the tabs below. Req 1 Garcon Req 1 Pepper Req 2 Garcon |Req 2 Pepper Prepare the income statement for Garcon Company. GARCON COMPANY Income Statement For Year Ended December 31 Raw materials purchases Cost of goods sold Accounts receivable, net Accounts receivable, net Accounts receivable, net Goods available for sale Add: Finished goods inventory, beginning Cost of goods sold Gross profit Cash Cash Cost of goods manufactured Net income