0 Finished goods inventory, beginning 19,700 Cost of goods manufactured 40,700 Selling expenses 12,700 Cash Land Sales Equipment 55,700 28,700 93,400 1,700 Mc Graw Answer is complete but not entirely correct. REX MANUFACTURING Income Statement For Year Ended December 31 Sales $ 93,400 Cost of goods sold Finished goods inventory, beginning $ 19,700 Cost of goods manufactured 40,700 Goods available for sale 60,400 Less: Finished goods inventory, beginning (16,700) Cost of goods sold 40,700 Gross profit 52,700 Selling expenses 12,700 General and administrative expenses 14,700 Net income $ 25.300