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 $ 31 Cost of goods manufactured 620 Cost of goods available for sale $ 651 Less: Finished goods inventory, April 30 256 Cost of goods sold $ 395

Required:

1. Prepare a statement of cost of goods manufactured for Norton Industries for May.

2. Prepare an income statement for Norton Industries for May.