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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 $ 18,400 $ 12,300 21,750 Finished goods inventory, beginning Work in process inventory, beginning. Raw materials inventory, beginning Rental cost on factory equipment Direct labor 15,600 9,100 10,650 29,250 26,500 20,600 37,800 19,850 13,100 28,000 20,800 Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Factory utilities 8,000 10,000 13,050 15,500 33,000 General and administrative expenses Indirect labor 53,500 11,100 13,460 5,780 1,750 Repairs-Factory equipment Raw materials purchases Selling expenses 39,000 54,500 62,800 55,000 Sales 272,610 371,350 Cash. 34,000 22,200 Accounts receivable, net 13,200 24,950 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.
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 For Year Ended December 31 Cost of goods sold: Goods available for sale Cost of goods sold 0 SA 0