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. Garcon Pepper Finished goods inventory, Company Company $ $ beginning 15,000 19,600 Work in process inventory, 15,800 23,100 beginning Raw materials inventory, beginning 10,300 10,950 Rental cost on factory equipment 31,000 22,450 Direct labor 24,400 39,400 Finished goods inventory, 19,550 16,500 ending Work in process inventory, 22,600 17,600 ending Raw materials inventory, ending 6,800 8,200 Factory utilities General and administrative expenses Indirect labor Repairs-Factory equipment 11,700 17,500 30,500 49,500 14,200 13,740 7,220 2,200 Raw materials purchases 44,000 67,500 Selling expenses 62,800 49,000 Sales 274,200 395,080 Cash 23,000 21,700 Accounts receivable, net 15,600 19,700 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company. 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 0 Cost of goods sold 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. PEPPER COMPANY Income Statement For Year Ended December 31 Cost of goods sold: Goods available for sale 0 Cost of goods sold 0 Net income $ 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 > Req 1 Req 1 Pepper Req 2 Garcon Req 2 Pepper Garcon 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 >