Prepare an income statement for Rex Manufacturing for the year ended December 31 using the following information. Hint. Not all information given is needed for the solution. Finished goods inventory, ending General and administrative expenses Accounts receivable Finished goods inventory, beginning Cost of goods manufactured Selling expenses Cash Land Sales Equipment $ 16,300 14,300 18,300 19,300 40,300 12,300 55,300 28,300 92,600 1,300 Sales REX MANUFACTURING Income Statement For Year Ended December 31 Cost of goods sold Finished goods inventory, beginning Cost of goods manufactured 40,300 Goods available for sale 40,300 Less: Finished goods inventory, ending Cost of goods sold Gross profit Selling expenses General and administrative expenses $ 92,600 12,300 14,300