$\backslash$table$[[,$Garcon Company,Pepper Company$],[$Finished goods inventory, beginning,,$],[$Work in process inventory, beginning,$ $14,800,$$ $19,300],[$Raw materials inventory, beginning,$16,300,20,850],[$Rental cost on factory equipment,$10,500,12,750],[$Direct labor,$31,000,23,050],[$Finished goods inventory, ending,$19,200,37,800],[$Work in process inventory, ending,$21,350,14,000],[$Raw materials inventory, ending,$23,200,21,800],[$Factory utilities,$6,200,9,800],[$General and administrative expenses,$12,300,14,250],[$Indirect labor,$22,000,57,000],[$Repairs$-$Factory equipment,$14,000,13,900],[$Raw materials purchases,$5,420,2,050],[$Selling expenses,$40,500,65,500],[$Sales$,50,800,54,100],[$Cash$,275,970,383,450],[$Accounts receivable, net,$31,000,19,700],[,16,600,19,950]]$

Exercise $18-8($Algo$)$ Preparing financial statements for a manufacturer LO P$1$

Prepare income statements for both Garcon Company and Pepper Company.

Prepare the current assets section of the balance sheet for each company.

Required information

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Req $1$ Garcon

Req $1$ Pepper

Req $2$ Garcon

Req $2$ Pepper

Prepare the income statement for Garcon Company.

$\backslash$table$[[$GARCON COMPANY$],[$Income Statement$],[$For Year Ended December $31],[$Sales$,,],[$Cost of goods sold:,,$],[,,],[,,],[,,],[$Goods available for sale,$0,],[,,],[$Cost of goods sold,,$0],[,,]]$