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 $ 12,100 15,600 Pepper Company $ 16,150 22,200 8,800 11,400 33,250 25,000 24,800 45,000 Finished goods inventory, ending 18,950 14,800 Work in process inventory, ending 27,100 16,800 Raw materials inventory, ending 7,000 9,600 Factory utilities 11,700 13,250 General and administrative expenses 29,000 50,000 Indirect labor 12,800 14,020 Repairs-Factory equipment 6,740 1,750 Raw materials purchases 43,500 53,500 Selling expenses Sales 59,200 55,300 290,580 395,290 Cash Accounts receivable, net 22,000 22,700 13,400 23,950 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.