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[The following information applies to the questions displayed below.] The following data is provided for Garcon Company and Pepper Company. Garcon Company Pepper Company Beginning
[The following information applies to the questions displayed below.] The following data is provided for Garcon Company and Pepper Company.
Garcon Company | Pepper Company | ||||||||
Beginning finished goods inventory | $ | 13,800 | $ | 16,000 | |||||
Beginning work in process inventory | 17,300 | 23,400 | |||||||
Beginning raw materials inventory (direct materials) | 8,100 | 10,500 | |||||||
Rental cost on factory equipment | 28,750 | 24,250 | |||||||
Direct labor | 21,000 | 36,200 | |||||||
Ending finished goods inventory | 20,300 | 16,000 | |||||||
Ending work in process inventory | 22,300 | 17,000 | |||||||
Ending raw materials inventory | 6,600 | 9,400 | |||||||
Factory utilities | 12,150 | 13,500 | |||||||
Factory supplies used (indirect materials) | 10,600 | 3,700 | |||||||
General and administrative expenses | 25,500 | 46,000 | |||||||
Indirect labor | 1,450 | 9,640 | |||||||
RepairsFactory equipment | 5,420 | 3,900 | |||||||
Raw materials purchases | 38,000 | 57,000 | |||||||
Selling expenses | 62,400 | 56,500 | |||||||
Sales | 204,030 | 305,010 | |||||||
Cash | 21,000 | 17,700 | |||||||
Factory equipment, net | 227,500 | 121,825 | |||||||
Accounts receivable, net | 13,600 | 24,200 | |||||||
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.
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