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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 Company $ 13,200 Pepper Company $ 17,950 17,800 21,900 Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor 9,900 13,500 27,000 26,050 23,400 40,200 19,850 16,500 Finished goods inventory, ending Work in process inventory, ending. Raw materials inventory, ending Factory utilities 26,800 21,400 7,000 8,800 12,300 12,750 General and administrative expenses. Indirect labor 33,500 53,000 13,350 13,040 5,300 1,650 46,500 64,000 Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash 58,400 53,800 295,650 390, 350 27,000 20,200 Accounts receivable, net 14,800 21,200 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 Sales Cost of goods sold: Finished goods inventory, beginning Cost of goods manufactured Goods available for sale Cost of goods sold Reg 1 Garcon 13,200 13,200 $ $ 295,650 13,200 282,450 282,450 Req 1 Pepper > Complete this question by entering your answers in the tabs below. Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper Prepare the income statement for Pepper Company. PEPPER COMPANY Income Statement For Year Ended December 31 Cost of goods sold: Goods available for sale Cost of goods sold Net income Complete this question by entering your answers in the tabs below. Req 1 Garcon Req 1 Pepper Req Garcon Req 2 Pepper 1 Prepare the current asset section of the balance sheet for Garcon Company. GARCON COMPANY Balance Sheet-Current Assets Section December 31 Req 2 Pepper > Total current assets $ 0