1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets...

   

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1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company. Garcon Сompany $ 13,600 16, 780 8,600 27, 250 19, 200 19,250 28,000 7, 5e0 9,600 27,000 11,950 6,500 37,8e0 64,400 283,770 21,000 15,400 Pepper Company $ 16,150 23,400 14, 250 23,950 35,400 16, 600 28, 88৪ 7,600 12,500 5e, 809 12,940 2,400 62, 0e0 55,000 380, 990 20,700 21, 200 Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Factory utilities General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, net GARCON COMPANY Income Statement For Year Ended December 31 Cost of goods sold: Goods available for sale Cost of goods sold 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company. Garcon Сompany $ 13,600 16, 780 8,600 27, 250 19, 200 19,250 28,000 7, 5e0 9,600 27,000 11,950 6,500 37,8e0 64,400 283,770 21,000 15,400 Pepper Company $ 16,150 23,400 14, 250 23,950 35,400 16, 600 28, 88৪ 7,600 12,500 5e, 809 12,940 2,400 62, 0e0 55,000 380, 990 20,700 21, 200 Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Factory utilities General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, net GARCON COMPANY Income Statement For Year Ended December 31 Cost of goods sold: Goods available for sale Cost of goods sold

Answer rating: 100% (QA)

First we have to calculate cost of goods sold Garcon Company Pepper Company Direct materials Beginning raw material inventory 7500 10800 Add Raw mater... View the full answer