Required information (The following information applies to the questions displayed below.) The following data is provided for Garcon Company and Pepper Company. $ Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory (direct materials) Rental cost on factory equipment Direct labor Ending finished goods inventory Ending work in process inventory Ending raw materials inventory Factory utilities Factory supplies used (indirect materials) General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net Accounts receivable, net Garcon Company 13,500 17,800 9,300 32,750 20,000 17,750 26,800 7,600 9,450 12,400 26,000 1,950 6,620 37,500 60,400 220,530 27,000 247,500 15,800 Pepper Company $ 18,400 22,350 9,450 25,600 39,800 13,500 20,200 9,400 17,750 5,100 52,000 7,900 1,600 68,000 56,200 315,010 21,200 148,825 24,200 Required: 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 Req 2 Pepper Prepare the income statement for Garcon Company. GARCON COMPANY Income Statement For Year Ended December 31, 2019 Sales Less: Cost of goods sold Gross profit Operating expenses General and administrative expenses Selling expenses Income (loss) before tax Reg 1 Garcon 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, 2019 Operating expenses Income (loss) before tax Req 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 Partial Balance Sheet As of December 31, 2019 Inventories: Total current assets $ Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the total prime costs for both Garcon Company and Pepper Company. Garcon Company Pepper Company Direct materials Raw materials available for use Direct materials used Total prime costs Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the total conversion costs for both Garcon Company and Pepper Company. Garcon Company Pepper Company Direct labor Factory overhead Total factory overhead Total conversion costs Required 1 Required 23