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Use the following information for the Exercises below. $($Algo$)$

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The following data is provided for Garcon Company and Pepper Company for the year ended December $31.$

Garcon Company Pepper Company

Finished goods inventory, beginning $ $12,100$ $ $16,300$

Work in process inventory, beginning $15,50021,900$

Raw materials inventory, beginning $8,0009,450$

Rental cost on factory equipment $31,75024,550$

Direct labor $21,20039,800$

Finished goods inventory, ending $19,10016,600$

Work in process inventory, ending $26,20021,200$

Raw materials inventory, ending $6,5008,600$

Factory utilities $12,00016,250$

General and administrative expenses $29,50043,000$

Indirect labor $15,75015,940$

Repairs$$Factory equipment $5,1803,350$

Raw materials purchases $35,50065,000$

Selling expenses $55,60047,800$

Sales $293,070371,810$

Cash $32,00024,700$

Accounts receivable, net $13,40022,450$Required information

Use the following information for the Exercises below. $($Algo$)$

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The following data is provided for Garcon Company and Pepper Company for the year ended December $31.$

Exercise $14-8($Algo$)$ Preparing financial statements for a manufacturer LO P$1$

Prepare income statements for both Garcon Company and Pepper Company.

Prepare the current assets section of the balance sheet for each company.

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Prepare the income statement for Garcon Company.