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 $ 14,300 16,900 11,200 32,000 20,000 20,000 25,000 7,700 14,850 12,400 22,000 1,650 6,260 38,500 63,600 220,530 27,000 287,500 16,000 Pepper Company $ 16,000 21,900 9,450 23,350 39,800 16,200 18,000 8,400 12,000 4,100 48,000 7,660 2,000 65,000 59,800 310,010 21,200 163,825 21,700 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. 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 Sales $ 220,530 220,530 Less: Cost of goods sold Gross profit Operating expenses General and administrative expenses Selling expenses Income (loss) before tax $ 220,530 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 $ 0 Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper Prepare the current asset section of the balance sheet for Garcon Compa GARCON COMPANY Partial Balance Sheet As of December 31, 2019 Inventories: 0 Total current assets $ 0 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 Partial Balance Sheet As of December 31, 2019 Inventories: 0 Total current assets 0 Required 1 Required 2 Compute the total prime costs for both Garcon Company and Pepper Company. Garcon Company Pepper Company Direct materials Raw materials available for use Direct materials used Total prime costs Required 1 Required 2 Compute the total conversion costs for both Garcon Company and Pepper Garcon Company Pepper Company Direct labor Factory overhead Total factory overhead Total conversion costs