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 $ 17,500 15,500 19,500 20, 500 41,500 1,500 56,500 29,500 95,000 2,500 $ 95,000 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 20 500 41,500 62,000 17.500 2,5 Equipment 4 166 points $ 95,000 eBook RUNDIR TURING Income Sun Your Endod December Salos Cost of goods sold Finished goods inventory beginning Cost of goods manufactured Goods available for sale Lesn: Finished goods inventory ending Cost of goods sold Gross profit Selling expenses General and administrative expenses Hint 20,500 41,500 62,000 17,500 Print References 13,500 15,500 Net Income