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 $ 13,600 15,900 Pepper Company $ 18,700 22,950 9,800 9,150 32,250 23,350 21,400 38,600 Finished goods inventory, ending 20,750 16,100 Work in process inventory, ending 23,800 17,600 Raw materials inventory, ending 7,300 9,800 Factory utilities 11,100 13,250 General and administrative expenses 21,000 50,500 Indirect labor 13,950 12,920 Repairs-Factory equipment 6,740 1,750 Raw materials purchases 36,500 55,500 Selling expenses 58,800 46,600 Sales 291,600 370,310 Cash 29,000 20, 200 Accounts receivable, net 14,400 21,200 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.