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 $ 17,400 15,400 19,400 Finished goods inventory, beginning 20,400 Cost of goods manufactured 41,400 Selling expenses Cash 13,400 56,400 Land Sales 29,400 94,800 2,400 Equipment REX MANUFACTURING Income Statement For Year Ended December 31 Sales $ 94,800 Cost of goods sold Finished goods inventory, beginning $ 20,400 Cost of goods manufactured i 41,400 Goods available for sale 61,800 Less Finished goods inventory, ending Cost of goods sold Gross profit General and administrative expenses Selling expenses Accounts receivable Net income (17,400) 44,400 (15,400) 13,400 $ 28,800 $ 35,000