7 Part 2 of 2 Required information Use the following information for the Exercises below. (Algo) [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. 1.25 points Skipped Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Garcon Company $ 14,500 15,600 8,500 Pepper Company $ 16,750 19,800 14,250 28,000 22,450 19,200 44,600 eBook Finished goods inventory, ending 18,800 15,700 Work in process inventory, ending 25,000 18,600 Raw materials inventory, ending 5,400 9,800 Hint Factory utilities 10,650 17,750 General and administrative expenses 29,500 56,500 Indirect labor 11,700 12,420 Repairs-Factory equipment 6,140 2,150 Ask Raw materials purchases 41,000 59,000 Selling expenses 50,800 56,200 Print Sales Cash 276,990 374,110 31,000 18,700 Accounts receivable, net 14,000 23,950 References Exercise 18-8 (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 Cost of goods sold: Goods available for sale Cost of goods sold 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. Cost of goods sold: PEPPER COMPANY Income Statement For Year Ended December 31 Goods available for sale Cost of goods sold 0 0 Net income 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 current asset section of the balance sheet for Garcon Company. GARCON COMPANY Balance Sheet-Current Assets Section December 31 Total current assets $ 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 current asset section of the balance sheet for Pepper Company. PEPPER COMPANY Balance Sheet-Current Assets Section December 31 Total current assets $