The following data is provided for Garcon Company and Pepper Company. Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory (direct materials) Rental cost on factory equipment Direct labor Ending finished goods inventory Ending work in process inventory Ending raw materials inventory Factory utilities Factory supplies used (indirect materials) General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net Accounts receivable, net Garcon Company $ 13,400 18,500 9,300 28,500 20,800 21,050 22,600 6,900 14,250 8,800 32,000 2,450 6,260 35,000 62,400 244,530 23,000 232,500 15,000 Pepper Company $ 17,650 21,450 9,900 22,150 44,600 15,600 19,600 9,600 17,000 3,400 49,500 8,560 3,000 52,500 52,600 342,518 20,700 154,825 20,950 Exercise 14.9 Preparing financial 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 of the balance sheet for each company, Prepare the income statement for Garcon Company. GARCON COMPANY Income Statement For Year Ended December 31, 2019 Operating expenses Income (loss) before tax Reg 1 Garcon Prepare the income statement for Pepper Company. PEPPER COMPANY Income Statement For Year Ended December 31, 2019 Operating expenses Income (loss) before tax ! Required information Req 1 Garcon Req 1 Pepper Reg 2 Garcon Req 2 Pepper Prepare the current asset section of the balance sheet for Garc GARCON COMPANY Partial Balance Sheet As of December 31, 2019 Inventories Total current assets