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 $31$ $ $33$

Cost of goods manufactured $750$

Cost of goods available for sale $ $783$

Less: Finished goods inventory, April $30268$

Cost of goods sold $ $515$

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 $ $20,700$

Manufacturing equipment $25,300$

Office equipment $2,000$

$ $48,000$

The company manufactured $7,810$ tons of cable during May.

The inventory balances at May $31,$ follow:

Materials Inventory $$30,000$

Work$-$in$-$Process Inventory $$241,000$

Finished Goods Inventory $$203,000$

NORTON INDUSTRIES

Preclosing Account Balances

May $31$

$($$$000$ omitted$)$

Cash and marketable securities $ $60$

Accounts and notes receivable $200$

Direct materials inventory $($April $30)35$

Work$-$in$-$process inventory $($April $30)164$

Finished goods inventory $($April $30)268$

Property, plant, and equipment $($net$)1,160$

Accounts, notes, and taxes payable $80$

Bonds payable $580$

Paid$-$in capital $80$

Retained earnings $900$

Sales $1,617$

Sales discounts $20$

Other revenue $2$

Purchases of direct materials $545$

Direct labor $302$

Indirect factory labor $104$

Office salaries $136$

Sales salaries $56$

Utilities $130$

Rent $16$

Property tax $74$

Insurance $30$

Depreciation $48$

Interest expense $13$

Freight$-$in for materials purchases $22$

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.