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 Garcon Company $ 12,000 14,500 Pepper Company $ 16,450 19,950 7,250 9,000 27,000 22,750 19,000 35,000 17,650 13,300 Work in process inventory, ending 22,000 16,000 Raw materials inventory, ending Factory utilities 5,300 7,200 9,000 12,000 General and administrative expenses 21,000 43,000 Indirect labor 9,450 10,860 Repairs-Factory equipment 4,780 1,500 Raw materials purchases. 33,000 52,000 Selling expenses 50,000 46,000 Sales 195,030 290,010 Cash 20,000 15,700 Accounts receivable, net 13,200 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. ces 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 Net income Reg 1 Garcon Reg 1. 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 Net income 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 Reg 1 Penner Reg 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 < Req 2 Garcon