! 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. Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Garcon Company $ 13,600 17,800 Pepper Company $ 19,750 21,300 9,000 9,750 31,000 22,750 23,600 36,200 Finished goods inventory, ending 18,350 14,400 Work in process inventory, ending 27,100 19,600 Raw materials inventory, ending 7,700 8,200 Factory utilities 10,950 14,250 General and administrative expenses 24,000 58,500 Indirect labor 13,450 13,680 Repairs-Factory equipment 6,380 3,100 Raw materials purchases 45,500 62,000 Selling expenses 52,400 51,100 Sales 279,180 385,170 Cash Accounts receivable, net 29,000 17,200 15,800 23,450 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company. 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 Cost of goods sold: Goods available for sale Cost of goods sold 0 0 $ 0 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 0 0 $ 0 Prepare the current asset section of the balance sheet for Garcon Company. GARCON COMPANY Balance Sheet-Current Assets Section December 31 Total current assets EA $ 0 Prepare the current asset section of the balance sheet for Pepper Company. PEPPER COMPANY Balance Sheet-Current Assets Section December 31 Total current assets $ EA 0