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 Garcon Company $ 14,500 Pepper Company $ 18,100 18,100 21,000 10,900 13,500 34,500 25,150 Direct labor 24,600 43,400 Finished goods inventory, ending 18,800 16,800 Work in process inventory, ending 26,500 21,000 Raw materials inventory, ending 6,700 9,000 Factory utilities 11,850 13,250 General and administrative expenses 27,000 52,500 Indirect labor 11,900 12,860 Repairs-Factory equipment 7,340 1,900 Raw materials purchases 37,500 52,500 Selling expenses 52,800 58,600 Sales 296,040 386,730 Cash Accounts receivable, net 22,000 23,700 16,600 19,950 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company. 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