Please do not give solution in image format ? And Fast answering please and explain proper steps by Step. Required information[The following information applies to the questions displayed below.]The following data is provided for Garcon Company and Pepper Company for the year ended DecembFinished goods inventory, beginningWork in process inventory, beginning.Raw materials inventory, beginningRental cost on factory equipmentDirect laborFinished goods inventory, endingWork in process inventory, endingRaw materials inventory, endingFactory utilitiesGeneral and administrative expensesIndirect laborRepairs-Factory equipmentRaw materials purchasesSelling expensesSalesCashAccounts receivable, netShow Transcribed TextFinished goods inventory, beginningWork in process inventory, beginningRaw materials inventory, beginningRental cost on factory equipmentDirect laborFinished goods inventory, endingWork in process inventory, endingRaw materials inventory, endingFactory utilities.General and administrative expensesIndirect laborRepairs-Factory equipmentRaw materials purchasesGarconCompany$ 12,00014,5007,25027,00019,000Selling expensesSalesCashAccounts receivable, net17,65022,0005,3009,00021,0009,4504,78033,00050,000195,03020,00013,200Required information[The following information applies to the questions displayed below.]The following data is provided for Garcon Company and Pepper Company for the year ended DecembGarconCompany$ 12,00014,5007,25027,00019,00017,65022,0005,3009,000PepperCompany$ 16,45019,9509,00021,0009,4504,78033,00050,000195,03020,00013,20022,75035,00013,30016,0007,20012,00043,00010,8601,50052,00046,000290,01015,70019,450PepperCompany$ 16,45019,9509,00022,75035,00013,30016,0007,20012,00043,00010,8601,50052,00046,000290,01015,70019,450 ook lint rint rences Prepare the income statement for Garcon Company. GARCON COMPANY Income Statement For YearEnded December 31 Raw materials inventory, beginning Cost of goods sold: Cash Gross profit Accounts receivable, netCash Accounts receivable, net Net income Cost of goods manufactured Goods available for sale Add: Finished goodsinventory, beginning Cost of goods sold 0 $0 0JookintrintrencesPrepare the income statement for Garcon Company.cGARCON COMPANYIncome StatementRaw materials inventory, beginningCost of goods sold:CashGross profitAccounts receivable, netCashAccounts receivable, netNet incomeFor Year Ended December 31Cost of goods manufacturedGoods available for saleAdd: Finished goods inventory, beginningCost of goods sold0$00

The prime cost is the one which includes all the direct costs includes in the making of a product.…

ook lint rint rences Prepare the income statement for Garcon Company. GARCON COMPANY Income Statement For Year Ended December 31 Raw materials inventory, beginning Cost of goods sold: Cash Gross profit Accounts receivable, net Cash Accounts receivable, net Net income Cost of goods manufactured Goods available for sale Add: Finished goods inventory, beginning Cost of goods sold 0 $0 0 ook int rint rences 3 Prepare the income statement for Garcon Company. GARCON COMPANY Income Statement For Year Ended December 31 Raw materials inventory, beginning Cost of goods sold: Cash