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 Garcon Company $ 14,700 Pepper Company $ 17,350 15,100 22,350 7,400 13,050 34,000 23,800 22,400 43,800 18,500 14,200 23,200 17,200 Raw materials inventory, ending Factory utilities 7,000 9,200. 10,200 13,250 General and administrative expenses 26,500 55,000 Indirect labor 10,850 11,840 Repairs-Factory equipment 7,220 3,500 Raw materials purchases 40,500 67,000 Selling expenses 64,000 46,900 Sales 296,610 379,690 Cash 26,000 22,200 Accounts receivable, net 14,000 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. Complete this question by entering your answers in the tabs below. Required information 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: Cost of goods manufactured Goods available for sale Less: Finished goods inventory, ending Cost of goods sold Gross profit Selling expenses General and administrative expenses Net income $ 296,610 0 $ 0 Req 1 Garcon Req 1 Pepper > Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper Prepare the income statement for Pepper Company. Cost of goods sold: PEPPER COMPANY Income Statement For Year Ended December 31 Goods available for sale Cost of goods sold 0 Net income $ 0 40 ces Required information Req 1 Garcon Req 1 Pepper Req Garcon Req 2 Pepper Req 2 Garcon Prepare the current asset section or the balance sheet for Garcon Company. GARCON COMPANY Balance Sheet-Current Assets Section December 31 Total current assets $ < Req 1 Pepper Req 2 Pepper > Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper Prepare the current asset section of the balance sheet for Pepper Company. PEPPER COMPANY Balance Sheet-Current Assets Section December 31 Total current assets < Req 2 Garcon Req 2 Pepper >