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 $ 38 600 $ 638 Less: Finished goods inventory, April 30 298 $ 340 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 St $ et 19,100 28,900 3,000 51,000 The company manufactured 7,720 tons of cable during May. The inventory balances at May 31, follow: Materials Inventory $40,000 Work-in-Process Inventory $271,000 Finished Goods Inventory $243,000 NORTON INDUSTRIES Preclosing Account Balances May 31 ($000 omitted) Cash and marketable securities Accounts and notes receivable $ St 42 210