! Required information Use the following information for the Exercises below. (Algo) [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 $ 13,600 17,800 7,600 Pepper Company $ 19,000 22,800 11,850 34,750 23,500 23,200 39,000 Finished goods inventory, ending 17,300 16,100 Work in process inventory, ending Raw materials inventory, ending 27,400 16,800 6,100 9,400 Factory utilities 14,550 14,750 General and administrative expenses 24,500 43,000 Indirect labor 13,650 11,500 Repairs-Factory equipment 6,500 2,950 Raw materials purchases 40,500 59,000 Selling expenses 52,400 54,700 Sales 284,310 395,110 Cash Accounts receivable, net 24,000 19,700 15,200 21,200 Exercise 18-8 (Algo) Preparing financial statements for a manufacturer LO P1 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company.