! Required information Use the following information for the Exercises below. (Algo) [The following information applies...

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! 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 $ 14,600 Pepper Company $ 19,000 18,000 19,500 11,200 10,350 34,000 26,800 23,800 38,600 Finished goods inventory, ending 18,800 14,500 Work in process inventory, ending 23,800 17,200 Raw materials inventory, ending 5,900 7,400 Factory utilities 9,450 13,000 General and administrative expenses 34,500 54,000 Indirect labor 14,900 14,100 Repairs-Factory equipment 6,620 1,850 Raw materials purchases 38,500 65,500 Selling expenses 51,200 58,000 Sales 283,920 389,210 Cash 21,000 18,700 Accounts receivable, net 15,000 22,450 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. ! 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 $ 14,600 Pepper Company $ 19,000 18,000 19,500 11,200 10,350 34,000 26,800 23,800 38,600 Finished goods inventory, ending 18,800 14,500 Work in process inventory, ending 23,800 17,200 Raw materials inventory, ending 5,900 7,400 Factory utilities 9,450 13,000 General and administrative expenses 34,500 54,000 Indirect labor 14,900 14,100 Repairs-Factory equipment 6,620 1,850 Raw materials purchases 38,500 65,500 Selling expenses 51,200 58,000 Sales 283,920 389,210 Cash 21,000 18,700 Accounts receivable, net 15,000 22,450 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.