Question

How do i calculate?

The following data is provided for Garcon Company and Pepper Company. Garcon Реpper Company $ 16,450 22,050 Company $12,900 18,500 11,800 Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory (direct materials) Rental cost on factory equipment 11,850 26,050 38,600 34,750 19,200 17,450 24,100 Direct labor Ending finished goods inventory Ending work in process inventory Ending raw materials inventory Factory utilities Factory supplies used (indirect materials) General and administrative expenses 13,700 17,800 5,900 11,850 11,500 21,500 1,450 4,820 35,000 53,600 229,530 32,000 262,500 14,000 7,600 12,000 3,800 55,000 9,040 Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses 2,400 63,500 46,000 Sales 322,510 21,700 145,825 21,200 Cash Factory equipment, net Accounts receivable, net Required: 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, 2019 0 Operating expenses 0 Income (loss) before tax

Answer 1

		Garcon company
		Income Statement
Sales				229,530
less:Cost of goods sold				114,320
Gross Profit				115,210
Operating expense
General & administrative expense				21,500
Selling expense				53,600
Income (loss)before tax				40,110
Pepper company
Income Statement
Sales				322,150
less:Cost of goods sold				166,640
Gross Profit				155,510
Operating expense
General & administrative expense				55,000
Selling expense				46,000
Income (loss)before tax				54,510
Garcon company
Partial Balance Sheet
Cash				32,000
Accounts receivable,net				14,000
Invetories
Raw Materials inventory			5,900
Work in process inventory			24,100
Finished goods inventory			17,450
				47,450
Total current assets				93,450
Pepper company
Income statement
Cash				21,700
Accounts receivable,net				21,200
Invetories
Raw Materials inventory			7,600
Work in process inventory			17,800
Finished goods inventory			13,700
				39,100
Total current assets				82,000
note cost of goods sold= opening inventories+ all production costs-
closing inventories