Required information Use the following information for the Exercises below. (The following information applies to the questions displayed below.) The following data is provided for Garcon Company and Pepper Company. $ Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory Rental cost on factory equipment Direct labor Ending finished goods inventory Ending work in process inventory Ending raw materials inventory Factory utilities Factory supplies used General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net Accounts receivable, net Garcon Company 14,100 17,200 7,500 29,000 21,000 20,900 22,300 5,600 10,800 10,300 31,500 1,900 6,620 41,000 58,400 214,530 24,000 257,500 13,800 Pepper Company $ 17,950 23,550 12,450 22,150 42,600 16,000 20,200 8,200 13,500 3,400 58,000 7,960 2,050 53,000 58,000 325,010 20,200 172,825 21,200 Exercise 18-9 Preparing financial statements for a manufacturer LO C4, P2 Required: 1-a. Prepare income statements for both Garcon Company and Pepper Company 1-b. Prepare the current assets section of the balance sheet for each company. GARCON COMPANY Income Statement For Year Ended December 31, 2017 Operating expenses Income (loss) before tax PEPPER COMPANY Income Statement For Year Ended December 31, 2017 Operating expenses Income (loss) before tax GARCON COMPANY Partial Balance Sheet As of December 31, 2017 Inventories: Total current assets PEPPER COMPANY Partial Balance Sheet As of December 31, 2017 Inventories: Total current assets