Please do not give solution in image format thanku [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.GarconCompanyFinished 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 utilitiesGeneral and administrative expensesIndirect laborRepairs-Factory equipmentRaw materials purchasesSelling expensesSalesCashAccounts receivable, net$ 12,00014,5007,25027,00019,00017,65022,0005,3009,00021,0009,4504,78033,00050,000195,03020,00013, 200PepperCompany$ 16,45019,9509,00022,75035,00013,30016,0007,20012,00043,00010,8601,50052,00046,000290,01015,70019,450 1. Prepare income statements for bothGarcon Company and Pepper Company.2. Prepare the current assets section of thebalance sheet for each company.

Step 1: COST OF GOODS MANUFACTUREDGARCON COMPANY PEPPER COMPANYDIRECT MATERIALSBeginning Raw…

Answered: 1. Prepare income statements for both…

1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter26: Manufacturing Accounting: The Job Order Cost System

Section: Chapter Questions

Problem 2SEA: SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin...

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Please do not give solution in image format thanku

1. Prepare income statements for both
Garcon Company and Pepper Company.
2. Prepare the current assets section of the
balance sheet for each company.

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Step 1: COST OF GOODS MANUFACTURED and COST OF GOODS SOLD:

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Step 2: INCOME STATEMENT:

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Step 3: BALANCE SHEET - CURRENT ASSET SECTION:

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