13 The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Garcon Company Pepper Company Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment $ 12,400 $ 17,800 18,400 22,500 8,800 13,950 29,000 26,050 Direct labor 24,800 43,800 Finished goods inventory, ending 18,650 16,200 Work in process inventory, ending 27,400 16,600 Raw materials inventory, ending 5,700 7,800 Factory utilities 14,700 17,750 General and administrative expenses 22,500 52,500 Indirect labor 14,900 12,800 Repairs-Factory equipment 7,940 3,750 Raw materials purchases 41,000 55,000 Selling expenses 58,000 46,000 Sales 277,500 390,400 Cash 21,000 22,700 Accounts receivable, net 16,000 24,950 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company. Answer is not complete. 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 Sales Cost of goods sold: General and administrative expenses Sellina expenses