[The following information applies to the questions displayed below.] The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Pepper Company Garcon Company 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 $13,900 $ 19,900 17,200 19,650 8,600 9,450 29,500 22,300 21,600 41,800 18,500 14,000 27,700 16,200 6,000 8,200 13,350 17,750 General and administrative expenses 29,000 44,500 Indirect labor 13,400 12,740 Repairs-Factory equipment 5,420 1,550 Raw materials purchases 36,500 54,000 Selling expenses Sales 64,400 59,200 287,040 379,080 Cash Accounts receivable, net 30,000 19,200 13,600 20,950 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. 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. Cost of goods sold: GARCON COMPANY Income Statement For Year Ended December 31 Goods available for sale Prou 8