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 30	268
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.