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 $ 14,700 Pepper Company $ 19,900 17,100 23,400 9,200 13,650 34,500 23,350 21,600 41,000. Finished goods inventory, ending 18,200 14,900 Work in process inventory, ending Raw materials inventory, ending Factory utilities 23,200 21,000 7,900 8,600 14,100 15,500 General and administrative expenses 24,000. 56,000 Indirect labor 11,850 15,120 Repairs-Factory equipment 4,940 2,000 Raw materials purchases 37,500 69,000 Selling expenses 63,200 51,400 Sales 285,150 394,350 Cash 24,000 19,700 Accounts receivable, net 15,000 21,450 Exercise 14-8 (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 Complete this question by entering your answers in the tabs below. Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper Prepare the income statement for Garcon Company. Cost of goods sold: GARCON COMPANY Income Statement For Year Ended December 31 Goods available for sale Cost of goods sold 0 0 0 < Req 1 Garcon Req 1 Pepper > Complete this question by entering your answers in the tabs below. Req 1 Garcon Req 1Pepper Req 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 Cost of goods sold 0 Net income 0 Complete this question by entering your answers in the tabs below. 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 Total current assets $ < Req 1 Pepper Req 2 Pepper > ! Required information Complete this question by entering your answers in the tabs below. Req 1 Garcon Req 1 Pepper Req 2 Garcon Rea 2 Pepper Prepare the current asset section of the balance sheet for Pepper Company. PEPPER COMPANY Balance Sheet-Current Assets Section December 31 Total current assets $ 0