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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 Decemb Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Factory utilities General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, net Garcon Company $ 12,200 16,700 11,400 30,500 22,000 21,350 27,700 7,600 11,100 26,000 12,450 7,460 46,500 55,200 277,590 30,000 15,800 Pepper Company $ 18,550 21,600 12,150 22,150 38,200 15,500 19,200 7,400 13,250 48,000 13,920 2,000 54,000 49,000 399,680 20,200 24,950 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 Req 1 Garcon Req 1 Pepper Req 2 Garcon Reg 2 Pepper Prepare the income statement for Garcon Company. GARCON COMPANY Income Statement For Year Ended December 31 $ 277,590 Sales Cost of goods sold Goods available for sale 0 Cost of goods sold 0 $ Reg 1 Garcon Req 1 Pepper > 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. PEPPER COMPANY Income Statement For Year Ended December 31 Cost of goods sold Goods available for sale 0 Cost of goods sold 0 Net income $ 0 Reg 1 Garcon Rea 2 Garcon 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 $ 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 $ 0