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Required information [The following information applies to the questions displayed below.) The following data is provided for Garcon Company and Pepper Company for the year ended December 31, Garcon Pepper Finished goods inventory, beginning Company Company $ 12, 100 $ 16, 150 Work in process inventory, beginning Raw materials inventory, beginning 16,400 21,900 7,800 13,500 Rental cost on factory equipment 28,500 23,800 Direct labor 20,000 38,200 Finished goods inventory, ending 18,050 13,490 Work in process inventory, ending 24,400 19,800 Raw materials inventory, ending 5,500 7,200 Factory utilities 11,250 14,500 General and administrative expenses 34,500 46,000 Indirect labor 11,700 15, 120 Repairs-Factory equipment 7,820 Raw materials purchases 38,000 60,500 Selling expenses 63,600 57.100 Sales 295,680 381,250 Cash 26,000 21,200 14,200 21,950 Accounts receivable, net 2,150 1. Prepare income statements for both Garcon Company and Pepper Company 2. Prepare the current assets section of the balance sheet for each company. Complete this question by entering your answers in the tabs below. Req 1 Garcon Req 1 Pepper Req 2 Garcon Reg 2 Pepper Req 1 Garcon Req 1 Pepper Reg 2 Garcon SERE Reg 2 Pepper Prepare the income statement for Garcon Company. GARCON COMPANY Income Statement For Year Ended December 31 Raw materials inventory, beginning Cost of goods sold: Raw materials inventory, beginning Raw materials purchases Raw materials inventory, ending Goods available for sale 0 Cost of goods sold 0 es $ 0 1 Garcon Reg 1 Pepper > 013 Req 1 Garcon Req 1 Peppir Req 2 Garcon Req 2 Pepper Prepare the income statement for Pepper Company. PEPPER COMPANY Income Statement For Year Ended December 31 pok Cost of goods sold: nt Goods available for sale 0 sk Cost of goods sold 0 int ences Net Income Reg 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 Cash Accounts receivable, net Raw materials inventory Work in process inventory Finished goods inventory 26,000 14,200 Total current assets 40,200 S Complete this question by entering your answers in the tabs below. Req 1 Garcon Req 1 Pepper Reg 2 Garcon Rea I Pepper Prepare the current asset section of the balance sheet for Pepper Company. PEPPER COMPANY Balance Sheet-Current Assets Section December 31 Cash Accounts receivable, net Raw materials inventory Work in process inventory Finished goods inventory Total current assets $ 0