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 $ 12,200 14,600 7,300 Pepper Company $ 17,200 20,400 9,000 30,500 23,050 20,400 40,600 Finished goods inventory, ending 18,950 16,800 Work in process inventory, ending 24,100 20,600 Raw materials inventory, ending 7,000 9,800 Factory utilities 13,350 15,000 General and administrative expenses 24,500 49,000 Indirect labor 16,050 14,300 Repairs-Factory equipment 5,540 1,650 Raw materials purchases 43,000 66,000 Selling expenses 64,800 52,900 Sales 297,240 388,790 Cash 23,000 22,200 Accounts receivable, net 14,200 23,700 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. 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. GARCON COMPANY Income Statement For Year Ended December 31 Cost of goods sold: Goods available for sale Cost of goods sold 0 $ 0 < Req 1 Garcon Req 1 Pepper > 1. Prepare Income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company. 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 Pepper Company. PEPPER COMPANY Income Statement For Year Ended December 31 Cost of goods sold: Goods available for sale Cost of goods sold Net income 0 0 < Req 1 Garcon Req 2 Garcon > 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. 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 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. 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 Pepper Company. PEPPER COMPANY Balance Sheet-Current Assets Section December 31 Total current assets S < Req 2 Garcon Req 2 Pepper >