Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory (direct materials) 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 (indirect materials) General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net Accounts receivable, net Garcon Company $ 12,100 15,300 7,900 27,500 19,400 19,400 23,200 5,600 12,600 8,500 34,000 1,300 5,300 34,500 51,600 198,030 21,000 282,500 15,200 Pepper Company $ 16,150 21,300 9,750 23,500 41,000 15,800 20,400 8,800 17,250 4,500 52,500 9,160 3,600 58,000 55,300 315,010 15,700 133,825 22,950 Exercise 14.9 Preparing financial statements for a manufacturer LO C4, P2 Required: 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 Garcon Company. Requirea: 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 Garcon Company. GARCON COMPANY Income Statement For Year Ended December 31, 2019 Raw materials purchases $ 7,900 7,900 Operating expenses Income (loss) before tax $ 7,900 Req 1 Pepper