Norton Industries, a manufacturer of cable for the heavy construction industry, closes its books and prepares...

Norton Industries ('000 omitted) ('000 omitted) 1806 -20 43 585 1786 30 658 292 -38 1292 620 1584 50 -235 1349 Statement of Cost of Goods Manufactured For the month ending May 31, Direct Materials Beg. Inventory Purchases Freight in Direct Materials Available Ending Inventory Direct Materials Used Direct Labor Factory Overhead Depreciation Expense - Plant Depreciation Expense - Equip. Utilities Insurance Indirect labor Property taxes- Plant Total Factory overhead Total Manufacturing Cost beg. WIP Inventory Total Manufacturing cost ito account for End. WIP Inventory Cost of Goods Manufactured 19.7 437 29.3 Income Statement For the month ending May 31, Sales Revenue Sales Discount Net sales Cost of Goods Sold Beg.

Finished Goods Cost of Goods Manufactured Cost of goods available for sale End. Finished goods Inventory Cost of goods sold Gross Margin Sellings & Administrative Expenses Utilities Rent Insurance Depreciation Office salaries Sales Salaries Total Selling & Admin. Expenses Operating Income Other Revenue & Expense Other Revenue Total Other Gross Profit 136 34 12 24 120 8 90 6 407 152 1377 72 180 296 141 1557 265 1292 2 2 2 143