2 Garcon Pepper Company Company of 2 12,700 17,800 The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Finished goods inventory, beginning $ Work in process inventory, beginning 16,000 22,800 Raw materials inventory, beginning 11,100 9,900 Rental cost on factory equipment 31,750 25,900 Direct labor 21,400 35,800 Finished goods inventory, 19,250 16,400 ending Work in process inventory, ending 26,200 19,600 Raw materials inventory, ending 7,000 8,600 Factory utilities 13,800 13,0ee expenses General and administrative Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses 22,000 48,000 11,300 12,668 6,620 3,200 46,000 58,500 57,200 58,900 Sales 296,468 388,960 Cash 24,000 22,200 Accounts receivable, net 16,600 20,458 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 Pepper Company. Sales PEPPER COMPANY Income Statement For Year Ended December 31 Cost of goods sold $380,960 Goods available for sale Cost of goods sold Net income S Save