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. Garcon Pepper Company Company $ 13,200 $ 17,800 16,000 21,450 Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor 10,400 13,350 28,500 22,750 23,600 41,000 21,050 13,200 26,800 Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Factory utilities 17,800 7,500 8,800 10,050 16,500 General and administrative expenses Indirect labor 31,000 43,000 15,800 13,320 Repairs-Factory equipment Raw materials purchases 6,740 2,500 41,000 70,000 Selling expenses 52,000 53,200 Sales 276,270 389,180 Cash 28,000 20,700 Accounts receivable, net 15,400 20,700 Prepare the come statement for Garcon Company. GARCON COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold: Finished goods inventory, beginning Cost of goods manufactured Goods available for sale Less: Finished goods inventory, ending Cost of goods sold Gross profit General and administrative expenses Selling expenses Net income 3 13,200 117,790 130,990 (21,050) Req 1 Garcon $ 109,940 109,940 0 Req 1 Pepper > $ Prepare the income statement for Pepper Company. PEPPER COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold: Finished goods inventory, beginning Cost of goods manufactured Goods available for sale Less: Finished goods inventory, ending Cost of goods sold Gross profit General and administrative expenses Selling expenses Net income 17,800 117,790 X 135,590 (21,050) Req 1 Garcon Req 1 Pepper Req 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 $ 25,000 X $ 25,000 Cash Accounts receivable, net Finished goods inventory Raw materials inventory Work in process inventory Total current assets of 2 Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper Prepare the current asset section of the balance sheet for Pepper Comp PEPPER COMPANY Balance Sheet-Current Assets Section December 31 Cash Accounts receivable, net Finished goods inventory Raw materials inventory Work in process inventory Total current assets Rec $ 0