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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 Company Company Finished goods inventory, beginning $ 12, 600 $ 18, 250 Work in process inventory, beginning 009 4T 22, 350 Raw materials inventory, beginning 7,900 10, 350 Rental cost on factory equipment 32, 250 22, 450 Direct labor 21, 000 43, 800 Finished goods inventory, ending 20 , 090 14, 700 Work in process inventory, ending 25, 090 20, 400 Raw materials inventory, ending 6, 100 7, 400 Factory utilities 9 , 000 12, 750 General and administrative expenses 22, 500 55, 500 Indirect labor 12, 400 13, 880 Repairs-Factory equipment 6, 020 2, 500 Raw materials purchases 47 ,500 57, 000 Selling expenses 58, 800 58, 600 Sales 283, 260 375, 820 Cash 32, 000 22, 200 Accounts receivable, net 13, 400 22, 700 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company