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 $ 12,700 Pepper Company $ 18,100 18,800 21,600 12,000 9,000 32,500 22,600 21,600 42,600 19,100 13,000 Work in process inventory, ending 22,600 21,000 Raw materials inventory, ending. Factory utilities 7,600 7,400 9,450 14,250 General and administrative expenses 24,000 52,000 Indirect labor 13,400 11,460 Repairs-Factory equipment 7,580. 3,850 Raw materials purchases 41,500 68,000 Selling expenses 50,000 46,300 Sales 276,720 387,510 Cash 30,000 22,700 Accounts receivable, net 13,800 21,700 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company.