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 $ 13,800 18,800 Pepper Company $ 19,150 22,050 7,200 13,500 31,000 22,150. Finished goods inventory, ending 19,400 41,400 18,950 15,900 Work in process inventory, ending 24,100 Raw materials inventory, ending 18,200 6,200 7,200 Factory utilities 11,850 14,500 General and administrative expenses 28,000 57,500 Indirect labor 11,350 Repairs-Factory equipment 13,420 6,740 3,050 Raw materials purchases 34,000 65,500 Selling expenses 55,200 50,500 Sales 283,950 399,460 Cash 22,000 19,200 Accounts receivable, net 13,200 23,200 1. Prepare income statements for both Garcon Company and Pepper Company 2. Prepare the current assets section of the balance sheet for each company