The following data is provided for Garcon Company and Pepper Company.
Garcon Company Pepper Company
Beginning finished goods inventory $13,700 $17,800
Beginning work in process inventory 18,000 23,400
Beginning raw materials inventory (direct materials) 10,700 12,000
Rental cost on factory equipment 33,750 23,200
Direct labor 23,200 37,000
Ending finished goods inventory 21,350 15,800
Ending work in process inventory 22,600 19,800
Ending raw materials inventory 6,500 7,600
Factory utilities 12,450 16,250
Factory supplies used (indirect materials) 11,500 3,500
General and administrative expenses 33,500 57,500
Indirect labor 1,700 9,340
Repairs—Factory equipment 7,460 3,900
Raw materials purchases 43,000 58,500
Selling expenses 62,400 52,300
Sales 195,030 320,010
Cash 31,000 19,700
Factory equipment, net 247,500 163,825
Accounts receivable, net 13,600 20,950
Required:
a. Prepare income statements for both Garcon Company and Pepper Company.
b. Prepare the current assets section of the balance sheet for each company
Answers: 1
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The following data is provided for Garcon Company and Pepper Company.
Garcon Company Pepper Company...
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