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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 | $ | 13,500 | $ | 19,300 | |||||
Beginning work in process inventory | 15,300 | 23,550 | |||||||
Beginning raw materials inventory (direct materials) | 9,200 | 12,600 | |||||||
Rental cost on factory equipment | 27,250 | 23,950 | |||||||
Direct labor | 19,200 | 41,000 | |||||||
Ending finished goods inventory | 20,750 | 15,700 | |||||||
Ending work in process inventory | 22,900 | 21,200 | |||||||
Ending raw materials inventory | 6,100 | 9,800 | |||||||
Factory utilities | 13,200 | 16,000 | |||||||
Factory supplies used (indirect materials) | 13,900 | 4,500 | |||||||
General and administrative expenses | 22,000 | 48,500 | |||||||
Indirect labor | 1,350 | 8,260 | |||||||
RepairsFactory equipment | 7,820 | 2,500 | |||||||
Raw materials purchases | 46,000 | 61,000 | |||||||
Selling expenses | 63,200 | 48,100 | |||||||
Sales | 207,030 | 340,010 | |||||||
Cash | 22,000 | 21,700 | |||||||
Factory equipment, net | 242,500 | 160,825 | |||||||
Accounts receivable, net | 15,000 | 23,700 | |||||||
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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