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 Work in process inventory, ending Raw materials inventory, ending Factory utilities General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, net Garcon Company $ 13,300 15,400 9,200 32,000 21,400 20,300 22,300 6,700 13,350 32,000 11,100 7,580 40,000 53,600 283,350 34,000 16,400 Pepper Company $ 18,100 21,150 12,450 22,600 43,400 16,600 20,000 8,600 16,000 51,500 13,020 1,550 68,000 48,100 397,510 21,700 21,200 1. Prepare income statements for both Garcon Company and Pepper Company 7 Drenare the current assets section of the balance sheet for each company. 1 Required information Req 1 Garcon Reg 1 Pepper Reg 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: 0 Goods available for sale Cost of goods sold $ 0 Reg 1 Garcon Req 1 Pepper > Req 1 Garcon Reg 1 Pepper Reg 2 Garcon Req 2 Pepper Prepare the income statement for Pepper Company. PEPPER COMPANY Income Statement For Year Ended December 31 Cost of goods sold: Goods available for sale 0 0 Cost of goods sold Net income $ Req 1 Garcon Req 1 Pepper Reg 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 nces Total current assets 0 Required information Req 1 Garcon Req 1 Pepper Reg 2 Garcon 1 deq 2 Pepper Prepare the current asset section of the balance sheet for Pepper Company. PEPPER COMPANY Balance Sheet-Current Assets Section December 31 5 Total current assets $ 0 Required 1 Required 2 Compute the total conversion costs for both Garcon Company and Pepper Company. Garcon Company Pepper Company Total conversion costs