Use the data in Exercise to prepare an income statement and the current assets section of the balance sheet for each company. Ignore income taxes.
In Exercise Using the following data, compute (1) the cost of goods manufactured and (2) the cost of goods sold for both Garcon Company and Pepper Company for the year ended December 31, 2015.

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Garcon Company Beginning finished goods inventory Beginning work in process inventory... Beginning raw materials inventory Rental cost on factory equipment Direct labor.. Ending finished goods inventory .. Ending work in process inventory Ending raw materials inventory Factory utilities Factory supplies used General and administrative expenses $12,000 14,500 7,250 27,000 19,000 7,650 22,000 5,300 9,000 8,200 21,000 1,250 4,780 33,000 50,000 195,030 20,000 212,500 13,200 Pepper Company $16,450 19,950 9,000 22,750 35,000 13,300 16,000 7,200 2,000 3,200 43,000 7,660 1,500 52,000 46,000 290,010 15,700 115,825 19,450 *.. Repairs-Factory equipment... elling expenses ..-4...-... Sales.. Cash Factory equipment, net..