Use the following information for the Exercises below. (Algo) [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 Garcon Company $ 14,600 16,100 Pepper Company $ 18,550 21,000 8,100 10,050 33,750 25,750 Direct labor 23,200 42,600 Finished goods inventory, ending. 21,050 16,200 Work in process inventory, ending 26,200 17,000 Raw materials inventory, ending 7,100. 8,000 Factory utilities 11,250 12,250 General and administrative expenses 26,500 59,500 Indirect labor 12,200 12,260 Repairs-Factory equipment 6,860 3,350 Raw materials purchases 39,500 52,500 Selling expenses 54,800 55,300 Sales 286,140 379,040 Cash Accounts receivable, net 32,000 20,200 16,600 20,450 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. Complete this union huntain in the one halaw