Gadubhai [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.Finished goods inventory, beginningWork in process inventory, beginningRaw materials inventory, beginningRental cost on factory equipmentDirect laborGarconCompany$ 12,20015,700PepperCompany$ 19,00020,7009,50011,40027,25026,35020,40036,600Finished goods inventory, ending20,30014,300Work in process inventory, ending25,60021,600Raw materials inventory, ending5,4008,800Factory utilities10,35013,250General and administrative expenses32,50046,500Indirect labor11,50013,140Repairs-Factory equipment5,6602,650Raw materials purchases40,50067,000Selling expenses53,20051,400Sales295,680372,370Cash25,00018,700Accounts receivable, net15,20023,4501. Prepare income statements for both Garcon Company and Pepper Company.2. Prepare the current assets section of the balance sheet for each company.

Name: Gadubhai [The following information applies to the questions displayed
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Gadubhai [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.Finished goods inventory, beginningWork in process inventory, beginningR