Exercise 14-7 Computing cost of goods manufactured and cost of goods sold P1 P2 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. Exercise 14-8 Preparing financial statements for a manufacturer P1 Refer to the data in Exercise 14-7. For each company, prepare (1) an income statement and (2) the current axsets section of the balance sheet