Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Garcon Company Pepper Company Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor $ 14,600 $ 18,400 14,500 21,750 8,800 9,600 31,250 26,650 23,000 43,000 Finished goods inventory, ending. 17,750 15,900 Work in process inventory, ending 23,200 19,400 Raw materials inventory, ending 5,900 7,400 Factory utilities 9,300 12,250 General and administrative expenses 24,000 56,500 Indirect labor 14,050 14,400 Repairs-Factory equipment 5,300 2,950 Raw materials purchases 38,000 61,000 Selling expenses 57,200 47,500 Sales 280,740 390,090 Cash. Accounts receivable, net 25,000 16,700 13,200 24,450 Exercise 14-8 (Algo) Preparing financial statements for a manufacturer LO P1 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company.