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: 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: - The company manufactured 7,825 tons of cable during May. - The inventory balances at May 31 , follow: - Materials Inventory $23,000 - Work-in-Process Inventory $220,000 - Finished Goods Inventory $175,000