The following data is provided for Garcon Company and Pepper Company for the year ended December 31 Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Factory utilities General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Garcon Company $ 14,760 18,600 7, 70e 32,50e 20,600 20,300 26, See 6,600 12,45 34,000 10.900 7.220 46,000 51,200 283,53 28,000 16,200 Pepper Company $ 19,450 21,150 12, see 25,000 36,600 13,3ee 21,800 7,800 16,75 51, eee 12,780 2,650 70,000 46,980 388, 180 20,700 21,200 Cash Accounts receivable, net Exercise 18-8 (Algo) Preparing financial statements for a manufacturer LO P1 1. Prepare income statements for both Garcon Company and Pepper Company 2. Prepare the current assets section of the balance sheet for each company Answer is not complete. Complete this question by entering your answers in the tabs below. Req: Garcon Reg 1 Pepper Reg 2 Garcon Reg 2 Pepper Prepare the income statement for Garcon Company Complete this question by entering your answers in the tabs below. Req 1 Garcon Req 1 Pepper Reg 2 Garcon Req 2 Pepper Prepare the income statement for Garcon Company. GARCON COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold: Finished goods inventory, beginning $ Cost of goods manufactured $ 283,530 >> 14,700 130,770 145,470 20,300 Goods available for sale Less: Finished goods inventory, ending Cost of goods sold Gross profit Selling expenses General and administrative expenses 125,170 158,360 51,200 34,000 Net income $ 73,160 Rea Garco Req 1 Pepper > Req 1 Garcon Req 1 Pepper Reg 2 Garcon Req 2 Pepper Prepare the income statement for Pepper Company. PEPPER COMPANY Income Statement For Year Ended December 31 Sales $ 388.100 Cost of goods sold: Finished goods inventory, beginning Cost of goods manufactured 19,450 19,450 Goods available for sale Less: Finished goods inventory, ending Cost of goods sold Gross profit Selling expenses General and administrative expenses 19,450 368,650 46,900 51,000 Net income $ 270,750 Complete this question by entering your answers in the tabs below. Ints Req 1 Garcon Req 1 Pepper Reg 2 Garcon Req 2 Pepper Prepare the current asset section of the balance sheet for Garcon Company. $ GARCON COMPANY Balance Sheet-Current Assets Section December 31 Cash 28.000 Accounts receivable, net 16,200 Finished goods inventory 20,300 Raw materials inventory 6,600 Work in process inventory 26,500 Total current assets S 97,600 Req 1 Garcon Req 1 Pepper Reg 2 Garcon Req 2 Pepper Prepare the current asset section of the balance sheet for Pepper Company. PEPPER COMPANY Balance Sheet-Current Assets Section December 31 Cash $ 20,700 Accounts receivable, net 21,200 Finished goods inventory 13,300 Raw materials inventory 7,800 Work in process inventory 21,800 Total current assets $ 84,800