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 $ 12,800 18,400 Pepper Company $ 16,900 20,100 8,600 12,900 32,500 22,300 22,000 36,600 Finished goods inventory, ending 21,950 14,200 Work in process inventory, ending 27,400 19,800 Raw materials inventory, ending Factory utilities 6,700 8,200 10,950 12,250 General and administrative expenses 34,000 56,500 Indirect labor 15,550 15,300 Repairs-Factory equipment 6,260 3,700 Raw materials purchases 46,000 62,000 Selling expenses 59,200 57,100 Sales 296,340 396,140 Cash 26,000 17,700 Accounts receivable, net 16,200 19,450 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company. ! Required information 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 Cost of goods sold: Goods available for sale Cost of goods sold < Req 1 Garcon 0 0 $ 0 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 0 0 0 Req 1 Garcon Req 2 Garcon > 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 current asset section of the balance sheet for Garcon Company. GARCON COMPANY Balance Sheet-Current Assets Section December 31 Total current assets 0 Req 1 Pepper Req 2 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 current asset section of the balance sheet for Pepper Company. PEPPER COMPANY Balance Sheet-Current Assets Section December 31 Total current assets 0 Req 2 Garcon Req 2 Pepper 1. Compute the total prime costs for both Garcon Company and Pepper Company. 2. Compute the total conversion costs for both Garcon Company and Pepper Company. 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. Total prime costs Garcon Company Pepper Company Required 1 Required 2 > 1. Compute the total prime costs for both Garcon Company and Pepper Company. 2. Compute the total conversion costs for both Garcon Company and Pepper Company. 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. Total conversion costs Garcon Company Pepper Company < Required 1 Required 2