(Solved): es Prepare an income statement for Rex Manufacturing for the year ended December 31 using the ...

es 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 REX MANUFACTURING Income Statement For Year Ended December 31 Less: Finished goods inventory, ending Cost of goods sold $ 16,000 14,000 18,000 19,000 40,000 Gross profit General and administrative expenses Selling expenses 12,000 55,000 28,000 92,000 1,000 $ 19,000 40,000 59,000 16,000 $ 92,000 43,000 49,000 14,000 12 000 -B HEA Next 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 REX MANUFACTURING Income Statement For Year Ended December 31 Gross profit General and administrative expenses Selling expenses Net income 55,000 28,000 92,000 1,000 19,000 40,000 59,000 16,000 $ 92,000 43,000 49,000 14,000 12,000 21,200 8 Capi Cash Land Sales Equipment Answer is complete but not entirely correct. 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 Net income Gross profit General and administrative expenses Selling expenses 55,000 28,000 92,000 1,000 $ 19,000 40,000 59,000 16,000 $ 92,000 $ 43,000 49,000 14,000 12,000 21,200