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 Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Factory utilities Garcon Company $ 13,700 Pepper Company $ 19,450 22,350 18,000 10,200 9,450 32,500 24,850 24,400 39,400 18,050 13,700 24,400 19,200 7,800 9,800 General and administrative expenses Indirect labor 13,800 17,500 33,500 59,500 13,800 13,200 Repairs-Factory equipment 5,420 2,550 Raw materials purchases 35,000 56,000 Selling expenses 54,800 55,900 Sales 283,380 399,910 Cash 33,000 16,200 Accounts receivable, net 16,800 24,450 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. Complete this question by entering your answers in the tabs below.