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The following data is provided for Garcon Company and Pepper Company for the year ended December 31. 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 $ 12,000 14,500 7,250 27,000 19,000 17,650 22,000 5,300 9,000 21,000 9,450 4,780 33,000 50,000 195,030 20,000 13,200 Pepper Company $ 16,450 19,950 9,000 22,750 35,000 13,300 16,000 7,200 12,000 43,000 10,860 1,500 52,000 46,000 290, 010 15,700 19,450 1. Prepare income statements for both Garcon Company and Pepper Company 2. 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 Sales $ 195,030 Cost of goods sold: Finished goods inventory, beginning Cost of goods manufactured $ 12,000 96,680 108,680 (17,650) Goods available for sale Less: Finished goods inventory, ending Cost of goods sold Gross profit General and administrative expenses Selling expenses 91,030 104,000 (21,000) (50,000) Net income $ 33.000 Prepare the income statement for Pepper Company. PEPPER COMPANY Income Statement For Year Ended December 31 Sales 290,010 Cost of goods sold: Finished goods inventory, beginning Cost of goods manufactured 16,450 139,860 Goods available for sale Less: Finished goods inventory, ending Cost of goods sold 156,310 (13,300) 143,010 147,000 (43,000) (46,000) $ SA 000 Net innnme 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 $ 0 Prepare the current asset section of the balance sheet for Pepper Company. PEPPER COMPANY Balance Sheet Current Assets Section December 31 Work in process inventory 13,300 Total current assets $ 13,300