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 $ 13,700 16,600 Pepper Company $ 17,500 21,450 8,300 11,250 32,000 24,550 20,200 39,800 Finished goods inventory, ending 19,850 13,300 Work in process inventory, ending 22,900 16,600 Raw materials inventory, ending 6,200 8,200 Factory utilities 11,550 25,750 General and administrative expenses 28,000 57,500 Indirect labor 12,750 13,220 Repairs-Factory equipment 6,500 2,850 Raw materials purchases 40,500 61,000 Selling expenses 60,400 51,100 Sales 287,490 372,400 Cash 30,000 21,200 Accounts receivable, net 15,000 21,950 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company.