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 Garcon Company $ 12,800 Pepper Company $ 18,250 18,600 22,500 10,900 11,250 27,750 23,350 23,400 41,000 Finished goods inventory, ending 19,250 14,000 Work in process inventory, ending 26,200 21,200 Raw materials inventory, ending 6,400 9,000 Factory utilities 10,050 15,500 General and administrative expenses 34,000 45,500 Indirect labor 14,850 13,420 Repairs-Factory equipment 7,820 2,900 Raw materials purchases 41,500 66,500 Selling expenses 50,800 57,400 Sales 290,400 387,950 Cash Accounts receivable, net 22,000 15,600 19,700 21,200 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.