Required information Use the following information for the Exercises below. (Algo) Skip to question [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. Garcon Company Pepper Company Finished goods inventory, beginning $ 12,700 $ 18,400 Work in process inventory, beginning 16,000 21,450 Raw materials inventory, beginning 9,900 12,750 Rental cost on factory equipment 27,250 23,650 Direct labor 19,200 39,800 Finished goods inventory, ending 17,150 13,200 Work in process inventory, ending 22,600 20,200 Raw materials inventory, ending 6,800 8,000 Factory utilities 13,650 12,000 General and administrative expenses 23,500 57,000 Indirect labor 14,500 15,320 RepairsFactory equipment 5,780 3,650 Raw materials purchases 40,500 70,000 Selling expenses 53,200 48,400 Sales 289,110 397,300 Cash 21,000 19,700 Accounts receivable, net 15,000 24,200 Exercise 18-8 (Algo) Preparing financial statements for a manufacturer LO P1 Prepare income statements for both Garcon Company and Pepper Company. Prepare the current assets section of the balance sheet for each company