I need help with this one and could you also tell me how to calculate the cost of goods sold? Thank you so much.

Required information

Use the following information for the Exercises below.

[The following information applies to the questions displayed below.] The following data is provided for Garcon Company and Pepper Company.

	Garcon Company					Pepper Company
Beginning finished goods inventory		$	14,100			$	18,850
Beginning work in process inventory			17,100				19,500
Beginning raw materials inventory			10,300				9,000
Rental cost on factory equipment			30,250				26,050
Direct labor			24,400				37,400
Ending finished goods inventory			20,600				16,000
Ending work in process inventory			27,100				16,200
Ending raw materials inventory			7,000				7,800
Factory utilities			10,800				12,250
Factory supplies used			13,000				5,000
General and administrative expenses			26,000				49,000
Indirect labor			1,950				8,380
RepairsFactory equipment			7,220				3,150
Raw materials purchases			42,500				59,500
Selling expenses			64,800				53,500
Sales			208,530				300,010
Cash			34,000				20,700
Factory equipment, net			232,500				133,825
Accounts receivable, net			16,800				22,700

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.

Prepare the income statement for Garcon Company.

GARCON COMPANY
Income Statement
For Year Ended December 31, 2017
Sales	$208,530
Less: Cost of goods sold
Gross profit	208,530
Operating expenses
General and administrative expenses	26,000
Selling expenses	64,800
Income (loss) before tax	$117,730

Prepare the income statement for Pepper Company.

PEPPER COMPANY
Income Statement
For Year Ended December 31, 2017
Sales
Less: Cost of goods sold
Gross profit	0
Operating expenses
General and administrative expenses
Selling expenses
Income (loss) before tax	$0