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 16,200 General and administrative 14,200 expenses Accounts receivable 18,200 Finished goods inventory, 19,200 beginning Cost of goods manufactured 40,200 Selling expenses 12,200 Cash 55,200 Land 28,200 Sales 92,400 Equipment 1,200 REX MANUFACTURING Sales Income Statement For Year Ended December 31 Cost of goods sold Finished goods inventory, beginning $16,200 92,400 Cost of goods manufactured 40,200 Goods available for sale 56,400 Less: Finished goods inventory, 16,200 ending Cost of goods sold 40,200 Gross profit General and administrative expenses Selling expenses 14,200 12,200 Net income