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Required Information Use the following Informatlon for the Exerclses below. The following Information applies to the questions displayed below The following data is provided for Garcon Company and Pepper Company. Garcon Pepper Conpany s 19,68e 21,300 9,989 26,950 43,800 16,998 16 , бее 8,488 15,750 3,308 49,580 8,980 2,858 66,500 48,489 318,818 24, 280 163,825 21,280 Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory Rental cost on factory equipment Direct labor Ending finished goods inventory Ending work in process inventory Ending raw materials inventory Factory utilities Factory supplies used General and adninistrative expenses Indirect 1abor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash s 13,78e 17,490 11, 288 32,250 22,608 17,680 24,789 7,180 9,758 8,889 32,500 1,888 5,668 37,500 53,280 211,53e 24,000 252,589 13,490 Factory equipnent, net Accounts receivable, net Exercise 14.9 Preparlng financial statements for a manufacturer LO C4, P2 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. Complete this question by entering your answers in the tabs below.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 Complete this question by entering your answers in the tabs below. Req 1A Garcon Req 1A Pepper Req 1B Garcon Req 1B Pepper Prepare the income statement for Garcon Company. GARCON COMPANY Income Statement For Year Ended December 31, 2017 Operating expenses Income (loss) before tax Req 1A Garcon Req 1A Pepper>

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Schedule of Cost of Goods Manufactured Garcon Company Pepper Company Direct Materials Beginning raw materials inventory Add: Raw materials purchases Raw materials available for use $11,200 $37 500 $48,700 7,100 $41,600 $22,600 $9,900 66,500 $76,400 Less: Ending raw materials inventory $8,400 Raw Materials used S68,000 Direct labor S43,800 Factory Overhead Rental cost on factory equipmert Factory utilties Factory supplies used $32,250 $9,750 $8,800 $26,950 $15,750 $3,300 $8,980 $2,050 Indirect labor $1,800 Repairs - factory equipment $5,660 Total factory overhead $58.260 S57,030 lotal manufacturing costs $122,460 $168,830 Add: Beginning work in Process inventory 400 21,300 Total Cost of work in Process $139,860 $190,130 Less: Ending work in process inventory $24,700 6,600 Cost of Goods Manufactured $115,160 $173,530Schedule of Cost of Goods Sold CompanyPepper Company $13,700 $115,160 $128,860 Garcon Beginning Finished goods inventory Add: Cost of Goods Manufactured Cost of Goods available for sale Less: Ending Finished goods inventory (Calculated above) S193,130 $17,600 Cost of Goods Sold S111,260 S176,230 Garcon Company Income Statement For Year Ended December 31, 2017 Sales Cost of Goods Sold [Refer schedule of Cost of Goods Sold] Gross Margin Operating Expenses $211,530 11,260 $100,270 General and Administrative Expenses $32,500 Selling expenses $53.200 $85.700 Income (Loss) before tax $14,570Pepper Company Income Statement For Year Ended December 31, 2017 Sales S310,010 Cost of Goods Sold [Refer schedule of Cost of Goods Sold] Gross Margin Operating Expenses $176,230 S133,780 General and Administrative Expenses S49,500 Selling expenses S48,400 $97,900 Income (Loss) before tax $35,880 Garcon Companv Partial Balance Sheet As of December 31, 2017 Cash S24,000 Accounts Receivable, net S13,400 Inventories Raw material inventory Ending] Work-in process inventory [Ending] Finished goods inventory [Endingl $7,100 $24,700 17,600 $49.400 Total current assets $86,800Pepper Company Partial Balance Sheet As of December 31, 2017 Cash Accounts Receivable, net Inventories $24,200 $21,200 Raw material inventory Ending] Work-in process inventory [Ending] Finished goods inventory [Ending] $8,400 S16,600 S16,900 $41 .900 Total current assets $87,300

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