! 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 Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Pactory utilities General and administrative expensen Indirect labor Repair Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, net Garcon Company $ 12,500 15,500 7.500 27,500 24,200 18,350 25,900 5,900 13,200 21,000 11,400 4,700 42,000 57,200 296,280 35,000 14,200 Pepper Company $ 16,900 19.650 9,150 23,500 43,800 16,000 19,200 8,800 15,000 45,500 12,420 2,200 61,000 55.900 374, 750 19,700 20,700 1. Prepare income statements for both Garcon Company and Pepper Company 2. Prepare the current assets section of the balance sheet for each company, Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Garcon Req 1 Pepper Reg 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: Selling expenses X $ General and administrative expenses + Goods available for sale $ 296,280 57,200 X 21,000 X 78.200 Cost of goods sold Gross profit 78,200 218,080 Net income $ 218,080 Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Garcon Req 1 Pepper Reg 2 Garcon Reg 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 purchases Work in process inventory Finished goods inventory 35,000 14,200 42,000 25,900 18,350 Total current assets $ 135,450