Prepare an income statement for Rex Manufacturing for the year ended December 31 using the following information.

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Finished goods inventory, ending ...... $16,000 Selling expenses. $12,000 General and administrative expenses... 14,000 Cash.... 55,000 . Accounts receivable.... Finished goods inventory, beginning.... Cost of goods manufactured..... 18,000 Land.. 28,000 19,000 Sales.... 92,000 40,000 Equipment... 1,000