Use the following information for the Exercises below. (Static) [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 &quipment Direct labor Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Factory utilities Garcon Company $ 12,000 14,500 Pepper Company $ 16,450 19,950 7,250 9,000 27,000 22,750 19,000 35,000 17,650 13,300 22,000 16,000 5,300 7,200 9,000 12,000 General and administrative expenses 21,000 43,000 Indirect labor 9,450 10,860 Repairs-Factory equipment 4,780. 1,500 Raw materials purchases 33,000 $52,000 Selling expenses 50,000 46,000 Sales 195,030 290,010 Cash 20,000 15,700 Accounts receivable, net 13,200 19,450 Exercise 18-8 (Static) 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 Pepper Company.. Sales Cost of goods sold: PEPPER COMPANY Income Statement For Year Ended December 31 S 290,010 Finished goods inventory, beginning Cost of goods manufactured Goods available for sale Cost of goods sold Net income $ 16,450 16,450 16,450 273,560 $ 273,560 Required information Use the following information for the Exercises below. (Static) [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 $ 12,000 14,500 Pepper Company $ 16,450 19,950 7,250 9,000 27,000 22,750 19,000 35,000 Finished goods inventory, ending 17,650 13,300 Work in process inventory, ending 22,000 16,000 Raw materials inventory, ending 5,300 7,200 Factory utilities 9,000 12,000 General and administrative expenses Indirect labor 21,000 43,000 9,450 10,860 Repairs-Factory equipment 4,780 1,500 Raw materials purchases 33,000 $2,000 Selling expenses 50,000 46,000 Sales 195,030 290,010 Cash 20,000 15,700 Accounts receivable, net 13,200 19,450 Exercise 18-8 (Static) 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 current asset section of the balance sheet for Pepper Company. PEPPER COMPANY Balance Sheet-Current Assets Section December 31 Total current assets $