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. Garcon Company Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory (direct materials) Rental cost on factory equipment $ 14,500 Pepper Company $ 18,850 15,900 19,650 11,100 12,900 30,750 22,150 Direct labor 19,200 36,200 Ending finished goods inventory 20,450 15,800 Ending work in process inventory 23,200 18,800 Ending raw materials inventory 7,400 9,000 Factory utilities 11,400 12,750 Factory supplies used (indirect materials) 8,800 3,800 General and administrative expenses 28,500 43,500 Indirect labor 1,850 9,580 Repairs-Factory equipment 7,340 3,450 Raw materials purchases 47,000 59,500 Selling expenses Sales Cash 61,200 53,500 196,530 345,010 35,000 22,200 Factory equipment, net 277,500 163,825 Accounts receivable, net 15,400 20,950 Exercise 14-9 Preparing financial statements for a manufacturer LO C4, P2 Required: 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company.