Finished goods inventory, beginning	$ 14,300	$ 16,000
Work in process inventory, beginning	16,000	22,350
Raw materials inventory, beginning	11,900	10,650
Rental cost on factory equipment	34,250	24,100
Direct labor	22,200	37,400
Finished goods inventory, ending	20,150	14,700
Work in process inventory, ending	23,800	20,400
Raw materials inventory, ending	6,000	9,200
Factory utilities	13,500	16,000
General and administrative expenses	28,500	46,000
Indirect labor	11,950	14,940
RepairsFactory equipment	6,020	1,650
Raw materials purchases	41,500	59,000
Selling expenses	57,200	59,200
Sales	285,690	375,420
Cash	23,000	23,700
Accounts receivable, net	16,200	20,450

Exercise 14-8 (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.