Exercise $18-7$ Computing cost of goods manufactured and cost of goods sold LP$1$ lP$2$Using the following data from both Garcon Company and Pepper Company for the year ended December $31$ to compute $(1)$ the cost of goods manufactured and $(2)$ the cost of goods sold for each company. Hint: Not all information is needed for the solution.Garcon Co$.$Pepper Co$.$Finished goods inventory, beginning$ $12,000$$ $16,450$Work in process inventory, beginning$14,50019,950$Raw materials inventory, beginning$7,2509,000$Rental cost on factory equipment$27,00022,750$Direct labor$19,00035,000$Finished goods inventory, ending$17,65013,300$Work in process inventory, ending$22,00016,000$Raw materials inventory, ending$5,3007,200$Factory utilities$9,00012,000$General and administrative expenses$21,00043,000$Indirect labor$9,45010,860$Repairs$-$Factory equipment$4,7801,500$Raw materials purchases$33,00052,000$Selling expenses$50,00046,000$Sales$195,030290,010$Cash$20,00015,700$Accounts receivable, net$13,20019,450$