Prepare an income statement for Rex Manufacturing for the year ended December using the following information. Hint. Not all information given is needed for the solution.
tableFinished goods inventory, ending,General and administrative expenses,Accounts receivable,Finished goods inventory, beginning,Cost of goods manufactured,Selling expenses,CashLandSalesEquipment
tableREX MANUFACTURING,For Year Ended December SalesCost of goods sold,,Finished goods inventory, beginning,$Cost of goods manufactured,Goods available for sale,Less: Finished goods inventory, ending,Cost of goods sold,Gross profit,,Selling expenses,,General and administrative expenses,,Net income,,
