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 Direct labor Garcon Company $ 13,900 Pepper Company $ 17,200 14,700 20,250 9,200 10,950 32,250 23,650 22,400 43,400 Finished goods inventory, ending 18,800 16,000 Work in process inventory, ending 25,000 17,800 Raw materials inventory, ending 5,900. 8,800 Factory utilities 12,300 17,500 General and administrative expenses 24,500 54,000 Indirect labor 15,600 12,080 Repairs-Factory equipment 6,500 1,550 Raw materials purchases 42,500 58,500 Selling expenses 57,600 58,000 Sales 292,350 385,740 Cash 32,000 20,700 Accounts receivable, net 14,400 19,450 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.