apter 3 Practice Homework Saved Norton Industries, a manufacturer of cable for the heavy construction industry, closes its books and prepares financial statements at the end of each month. The statement of cost of goods sold for April follows: NORTON INDUSTRIES Statement of Cost of Goods Sold. For the Month Ended April 30 ($000 omitted) Finished goods inventory, March 31 Cost of goods manufactured Cost of goods available for sale $ 38 Less: Finished goods inventory, April 30 600 $ 638 295 $ 343 Cost of goods sold Additional Information . Of the utilities, 80% relates to manufacturing the cable; the remaining 20% relates to the sales and administrative functions. All rent is for the office building. . . Property taxes are assessed on the manufacturing plant. Of the insurance, 60% is related to manufacturing the cable; the remaining 40% is related to the sales and administrative functions. Depreciation expense includes the following: Manufacturing plant Manufacturing equipment Office equipment $ 21,000 30,000 4,000 $ 55,000 The company manufactured 7,830 tons of cable during May. The inventory balances at May 31, follow: Materials Inventory $39,000 Work-in-Process Inventory $268,000 Finished Goods Inventory $239,000 NORTON INDUSTRIES Preclosing Account Balances < Prev 7 of 7 Score answer > He