Finished goods inventory, ending General and administrative expenses Accounts receivable Finished goods inventory, beginning Cost of goods manufactured Selling expenses Cash Land Sales Equipment $ 16,600 14,600 18,600 19,680 40,600 12,600 55,600 28,600 93,280 1,600 $ 93,200 REX MANUFACTURING Income Statement For Year Ended December 31 Sales Cost of goods sold Finished goods inventory beginning $ Cost of goods manufactured Goods available for sale Less: Finished goods inventory, ending Cost of goods sold Gross profit Selling expenses 19,600 40,600 60,200 16,600 General and administrative expenses Net income 12,600 0 14,600 $