1) Cam Newton Manufacturing builds custom wooden cabinets. Cam Newton Manufacturing has reported the following costs for the previous year. Assume no production inventories. Advertising Cost of hardware (slides, handles, etc.) Cost of wood Depreciation on production equipment Factory property taxes Factory rent Glue Production supervisor salary Sales manager salary Utilities for factory Wages for maintenance workers Wages of assembly workers Wages of finishing workers Sales $ 70,000 $ 34,000 $ 117,000 $ 63,000 $ 17,300 $ 76,000 $ 3,800 $ 40,700 $ 41,600 $ 23,900 $ 31,800 $ 91,400 $ 77,300 $ 800,000 Compute the following and show your calculations: 1. Net Income for the year 2. What was the net income percentage and if the industry average was 18% did Cam Newton make the industry average? If the company did not make the industry average, what suggestions to Cam Newton that could try to get to this average