[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. Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Garcon Company $ 12,300 15,600 Pepper Company $ 18,400 21,750 9,100 10,650 29,250 26,500 20,600 37,800 Finished goods inventory, ending 19,850 13,100 Work in process inventory, ending 28,000 20,800 Raw materials inventory, ending 8,000 10,000 Factory utilities 13,050 15,500 General and administrative expenses 33,000 53,500 Indirect labor 11,100 13,460 Repairs-Factory equipment 5,780 1,750 Raw materials purchases 39,000 54,500 Selling expenses 62,800 55,000 Sales 272,610 371,350 Cash Accounts receivable, net 34,000 22,200 13,200 24,950 Exercise 14-8 (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.