QS 14-11 (Algo) Preparing an Income statement LO P1 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 $17,000 15,000 19,000 Finished goods inventory, beginning 20,000 Cost of goods manufactured 41,000 Selling expenses 13,000 Cash 56,000 Land Sales Equipment 29,000 94,000 2,000 Sales REX MANUFACTURING Income statement For Year Ended December 31 Cost of goods sold Finished goods inventory, beginning S 20,000 Cost of goods manufactured 41,000 Goods available for sale 61,000 Less: Finished goods inventory, ending Cost of goods sold 17,000 Gross profit Selling expenses General and administrative expenses Net income S 94,000 13,000 15,000