Required information [The following information applies to the questions displayed below. ] The following data is provided for Garcon Company and…

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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. Part 2 of 2—Garcon PepperCompany CompanyBeginning finished goods inventory 5 12 , 100 $ 17 , 200Beginning work in process inventory 16 , 500 23, 100Beginning raw materials inventory 7 , 600 13,200Rental cost on factory equipment 32,500 22,150Direct labor 24,400 44,200Ending finished goods inventory 21 , 650 16 , 100Ending work in process inventory 25, 900 20,400Ending raw materials inventory 6 , 300 8 , 80 0Factory utilities 9,600 17,250a Factory supplies used 12 , 700 4 , 500eBook General and administrative expenses 27,500 59,500Indirect labor 1,850 9,640Repairs—Factory equipment 5 , 540 2 , 75 0[ii Raw materials purchases 38 , 000 61 , 500References Selling expenses 52 , 4 00 46 , 60 0Sales 238,530 307,510Cash 28,000 18,200Factory equipment, net 232 , 500 172 , 825Accounts receivable, net 13,800 23,700 Required:1-a. Prepare income statements for both Garcon Company and Pepper Company.1-b. Prepare the current assets section of the balance sheet for each company.