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 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 > Answer is complete but not entirely correct. REX MANUFACTURING Income Statement For Year Ended December 31 Gross profit General and administrative expenses Selling expenses Net income $ 17,200 15,200 19, 200 20,200 41,200 13,200 56,200 29,200 94,400 2,200 $ 20,200 41,200 61,400 (17,200) $ $ 94,400 44,400 X 50,000 X 15,200 13,200 21,600 X