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 Pepper Company $ 18,250 22,800 17,100 10,600 12,600 34,250 25,150 22,400 42,200 Finished goods inventory, ending 21,350 15,900 Work in process inventory, ending 25,900 20,400 Raw materials inventory, ending 7,200 8,600 Factory utilities 13,350 17,750 General and administrative expenses 26,500 56,500 Indirect labor 13,900 13,460 Repairs-Factory equipment 7,820 2,200 Raw materials purchases 37,500 69,000 Selling expenses 50,400 51,100 Sales 297,900 371,820 Cash 25,000 16,700 Accounts receivable, net 14,400 24,700 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.