Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Garcon Company $ 12,200 16,700 Pepper Company $ 16,750 21,900 8,900 12,150 31,000 26,650 21,200 39,000 Finished goods inventory, ending 17,000 14,600 Work in process inventory, ending 25,000 19,800 Raw materials inventory, ending 5,800 7,600 Factory utilities 10,650 17,000 General and administrative expenses 23,500 56,500 Indirect labor 12,700 14,620 Repairs-Factory equipment 6,500 3,800 Raw materials purchases 33,500 63,500 Selling expenses Sales 62,800 47,800 298,050 396,640 Cash Accounts receivable, net 25,000 16,200 19,700 22,950 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