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	$	35
Cost of goods manufactured		740
Cost of goods available for sale	$	775
Less: Finished goods inventory, April 30		280
Cost of goods sold	$	495

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	$	19,500
Manufacturing equipment		28,500
Office equipment		2,000
	$	50,000

• The company manufactured 7,630 tons of cable during May.
• The inventory balances at May 31, follow:

• Materials Inventory $34,000
• Work-in-Process Inventory $253,000
• Finished Goods Inventory $219,000

NORTON INDUSTRIES
Preclosing Account Balances
May 31
($000 omitted)
Cash and marketable securities	$	50
Accounts and notes receivable		200
Direct materials inventory (April 30)		39
Work-in-process inventory (April 30)		172
Finished goods inventory (April 30)		280
Property, plant, and equipment (net)		1,170
Accounts, notes, and taxes payable		70
Bonds payable		520
Paid-in capital		90
Retained earnings		900
Sales		1,712
Sales discounts		20
Other revenue		2
Purchases of direct materials		565
Direct labor		326
Indirect factory labor		112
Office salaries		144
Sales salaries		64
Utilities		150
Rent		20
Property tax		82
Insurance		25
Depreciation		50
Office supplies expense		4
Freight-in for materials purchases		26

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.

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.

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.

Prepare a statement of cost of goods manufactured for Norton Industries for May. (Enter your answers in thousands of dollars.)

Requiremnt 1

Norton Industries
Statement of Cost of Goods Manufactured
For the Month Ended May 31
($000) omitted
Direct materials
Materials available
Direct materials used
Factory overhead
Total factory overhead
Total manufacturing costs
Total manufacturing costs
Cost of goods manufactured

Requirement 2

Prepare an income statement for Norton Industries for May. (Enter your answers in thousands of dollars.)

Norton Industries
Income Statement
For the Month Ended May 31
($000) omitted
Net Sales
Cost of goods sold:
Cost of goods available for sale
Cost of goods sold
Selling, general & administrative expense:
Total selling, general, & administrative expense
Other revenue