Required information Use the following information for the Exercises below. (Algo) [T he 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. Garcon Pepper Company Company Finished goods inventory, beginning 5 12,800 $ 16,300 Work in process inventory, beginning 16,800 19,950 Raw materials inventory, beginning 7,800 9,450 Rental cost on factory equipment 28,000 24,100 Direct labor 21,400 41,000 Finished goods inventory, ending 19,100 16,400 Work in process inventory, ending 22,300 17,400 Raw materials inventory, ending 6,500 9,600 Factory utilities 9,600 12,750 General and administrative expenses 30,500 57,000 Indirect labor 13,350 13,220 RepairsFactory equipment 5,420 3,800 Raw materials purchases 42,000 66,500 Selling expenses 58,800 51,400 Sales 299,160 397,400 Cash 28,000 19,700 Accounts receivable, net 14,400 21,950 Exercise 18-8 (Algo) Preparing nancial 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 enteng your answers in the tabs below. Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper Prepare the income statement for Garcon Company. Cost of goods sold: Goods available for sale Cost of goods sold Req 1 Pepper > 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. Complete this question by entering your answers in the tabs below. Req 1 Garcon Req 1 Pepper Req 2 Garcon |Req 2 Pepper Prepare the income statement for Pepper Company. PEPPER COMPANY Income Statement For Year Ended December 31 Cost of goods sold: Goods available for sale 0 Cost of goods sold 0 Net income $ Exercise 18-8 (Algo) Preparing nancial 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. Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper Prepare the current asset section of the balance sheet for Garcon Company. Total current assets $ 0 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. Complete this question by entering your answers in the tabs below. Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper Prepare the current asset section of the balance sheet for Pepper Company. PEPPER COMPANY Balance Sheet-Current Assets Section December 31 Total current assets $ 0