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 Pepper Company Company Beginning finished goods inventory $ 14, 200 $ 18, 400 Beginning work in process inventory 17, 800 19, 650 Beginning raw materials inventory (direct materials) 8,500 12, 090 Rental cost on factory equipment 29, 250 24, 250 Direct labor 22, 000 44, 200 Ending finished goods inventory 21, 350 14, 100 Ending work in process inventory 23, 800 18, 800 Ending raw materials inventory 7,900 7,400 Factory utilities 11, 100 15, 750 Factory supplies used (indirect materials) 10, 000 6,000 General and administrative expenses 32, 000 55, 500 Indirect labor 1, 250 9, 100 Repairs-Factory equipment 6, 140 2, 750 Raw materials purchases 37, 000 58, 090 Selling expenses 58, 000 52,900 Sales 232, 530 330, 010 Cash 34, 000 18,700 Factory equipment, net 217, 500 145, 825 Accounts receivable, net 16, 200 24, 700 Exercise 14-9 Preparing financial statements for a manufacturer LO C4, P2 equired: Prepare income statements for both Garcon Company and Pepper Company. Prepare the current assets section of the balance sheet for each company.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. 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 Garcon Company. GARCON COMPANY Income Statement For Year Ended December 31, 2019 Raw materials purchases Add: Cost of goods sold Gross loss 0 Operating expenses Income (loss) before tax $ 0 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. 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, 2019 0 Operating expenses Income (loss) before tax $ Exercise 14-9 Preparing nancial 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 ofthe 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 sh eel: for Garcon Company. [J $