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! Required Information [The following information applies to the questions displayed below.) The following data is provided for Garcon Company and Pepper Company for the year end 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 $ 14,000 15,600 10,8ee 33,eee 24, 20e 17,150 24,700 5,8ee 12,450 29,90 14, eee 6,380 41,00e 52,000 292,230 31,000 13,800 Pepper Company $ 17,588 23,100 9,750 26,950 39,800 16,988 21,200 7,200 16,750 45,500 11,820 3,700 70,000 56, see 397,740 23,700 19,700 1. Prepare Income statements for both Garcon Company and Pepper Company 2. Prepare the current assets section of the balance sheet for each company 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 Cost of goods sold: Goods available for sale 0 Cost of goods sold S Reg 1 Pepper Req 1 Garcon Req 1 Pepper Reg 2 Garcon Req 2 Pepper Prepare the income statement for Pepper Company. PEPPER COMPANY Income Statement For Year Ended December 31 Cost of goods sold: Goods available for sale 0 Cost of goods sold 0 Net income $ 0