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The following data is provided for Garcon Company and Pepper Company for the year ended December 31.

Garcon CompanyPepper CompanyFinished goods inventory, beginning$ 12,000$ 16,450Work in process inventory, beginning14,50019,950Raw materials inventory, beginning7,2509,000Rental cost on factory equipment27,00022,750Direct labor19,00035,000Finished goods inventory, ending17,65013,300Work in process inventory, ending22,00016,000Raw materials inventory, ending5,3007,200Factory utilities9,00012,000General and administrative expenses21,00043,000Indirect labor9,45010,860RepairsFactory equipment4,7801,500Raw materials purchases33,00052,000Selling expenses50,00046,000Sales195,030290,010Cash20,00015,700Accounts receivable, net13,20019,450

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 COMPANYIncome StatementFor Year Ended December 31 Cost of goods sold: Goods available for sale0 Cost of goods sold 0 $0

Prepare the current asset section of the balance sheet for Garcon Company.

GARCON COMPANYBalance SheetCurrent Assets SectionDecember 31 $13,900 115,790 18,200 Total current assets$147,890