Use the following information for the Exercises below. $($Static$)$

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$[$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 $ $12,000$ $ $16,450$

Work in process inventory, beginning $14,50019,950$

Raw materials inventory, beginning $7,2509,000$

Rental cost on factory equipment $27,00022,750$

Direct labor $19,00035,000$

Finished goods inventory, ending $17,65013,300$

Work in process inventory, ending $22,00016,000$

Raw materials inventory, ending $5,3007,200$

Factory utilities $9,00012,000$

General and administrative expenses $21,00043,000$

Indirect labor $9,45010,860$

Repairs$$Factory equipment $4,7801,500$

Raw materials purchases $33,00052,000$

Selling expenses $50,00046,000$

Sales $195,030290,010$

Cash $20,00015,700$

Accounts receivable, net $13,20019,450$

Exercise $14-8($Static$)$ 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.