The tonowny mana The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Garcon Company Pepper Company Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor $ 12,200 $16,900 15,000 22,050 7,900 11,100 30,750 22,900 22,800 41,000 Finished goods inventory, ending 21,350 16,200 Work in process inventory, ending 27,400 20,800 Raw materials Inventory, ending 5,900 7,400 Factory utilities 12,900 15,750 General and administrative expenses 32,500 43,500 Indirect labor 12,450 12,340 Repairs-Factory equipment 5,900 2,250 Raw materials purchases 40,500 61,500 Selling expenses 60,400 49,300 Sales 280,920 371,230 Cash 30,000 23,200 Accounts receivable, net. 15,400 23,450 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company.