Pepper 67,00 Required information [The following information applies to the questions displayed below. The following data is provided for Garcon Company and Pepper Company. Garcon Company Company Beginning finished goods inventory $ 13,900 $ 17,800 Beginning work in process inventory 15,000 22,950 Beginning raw materials inventory (direct materials) 7,400 11,700 Rental cost on factory equipment 30,000 24,250 Direct labor 24,800 Ending finished goods inventory 20,750 15,100 Ending work in process inventory 23,500 21,000 Ending raw materials inventory 6,900 8,800 Factory utilities 9,000 15,000 Factory supplies used (indirect materials) 13,900 4,600 General and administrative expenses 34,000 46,000 Indirect labor 1,300 9,940 Repairs-Factory equipment 5,540 2,100 Raw materials purchases 35,000 Selling expenses 58,000 50,200 Sales 246,030 300,010 Cash 29,000 24,200 Factory equipment, net 247,500 118,825 Accounts receivable, net 16,000 24,450 44,200 Required: 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company. Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper Prepare the income statement for Garcon Company. GARCON COMPANY Income Statement For Year Ended December 31, 2019 Operating expenses Income (loss) before tax