Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory Rental cost on factory equipment Direct labor Ending finished gooda inventory Ending work in process inventory Ending raw materials inventory Factory utilities Factory supplies used Ceneral and administrative expenses Indirect labor Repairs Factory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net Accounts receivable, net Company $ 13,900 17,300 11,600 32,750 20,600 17.450 24, 100 6,600 12,450 13,300 25,500 1,300 6,020 33,000 51,200 204,030 24,000 277,500 16,400 Company $ 16,300 22,950 11,700 25,450 35,400 15,500 19.400 8,200 15,750 5.300 48,500 8,620 2,850 56.500 55,600 290,010 21,700 148,825 23,200 Exercise 14-9 Preparing financial statements for a manufacturer LO C4, P2 Required: 1-a. Prepare income statements for both Garcon Company and Pepper Company 1-b. Prepare the current assets section of the balance sheet for each company. Complete this question by entering your answers in the tabs below. Reg 1A Garcon Reg 1A Pepper Reg 1B Garcon Reg 1B Pepper Prepare the income statement for Garcon Company. GARCON COMPANY Income Statement For Year Ended December 31, 2017 Sales ol Less: Cost of goods sold Gross profit Operating expenses | General and administrative expenses Selling expenses 25,500 51,200 Income (loss) before tax $ (76,700)