Please provide complete and correct answer for both requirements and show all work like explanation , computation , formula with steps. Answer in text. Million thanks ! Norton Industries, a manufacturer of cable for the heavy construction industry, closes its books and prepares financial statements atthe end of each month. The statement of cost of goods sold for April follows:NORTON INDUSTRIESStatement of Cost of Goods SoldFor the Month Ended April 30($000 omitted)inventory, March 31Finished goodsCost of goods manufacturedCost of goods available for sale.Less: Finished goods inventory, April 30Cost of goods soldManufacturing plantManufacturing equipmentOffice equipment*****|$ 19,70029,3006,000$ 55,000• The company manufactured 7,650 tons of cable during May.• The inventory balances at May 31, follow:• Materials Inventory $38,000• Work-in-Process Inventory $265,000• Finished Goods Inventory $235,00037760Additional Information• Of the utilities, 80% relates to manufacturing the cable; the remaining 20% relates to the sales and administrative functions.All rent is for the office building.$ 797Property 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:292$ 505 Cash and marketable securitiesAccounts and notes receivableDirect materials inventory (April 30)Work-in-process inventory (April 30)Finished goods inventory (April 30)Property, plant, and equipment (net)Accounts, notes, and taxes payable.Bonds payablePaid-in capitalRetained earningsNORTON INDUSTRIESPreclosing Account BalancesMay 31($000 omitted)SalesSales discountsOther revenuePurchases of direct materialsDirect laborIndirect factory laborOffice salariesSales salaries.UtilitiesRentProperty taxInsuranceDepreciationOffice supplies expenseFreight-in for materials purchases*********~*Ã§ª=*****$ 50220431802921,17080530909001,806**8888=2=====30Required:1. Prepare a statement of cost of goods manufactured for Norton Industries for May.2. Prepare an income statement for Norton Industries for May.Complete this question by entering your answers in the tabs below.Required 1Required 2Prepare a statement of cost of goods manufactured for Norton Industries for May. (Enter your answers in thousands ofdollars.)Direct materialsNorton IndustriesStatement of Cost of Goods ManufacturedFor the Month Ended May 31($000) omittedMaterials purchasesBeginning materials inventoryFreight-inMaterials availableLess: Ending materials inventoryDirect materials usedDirect labor-wagesFactory overheadUtilitiesInsuranceDepreciationProperty taxes-PlantIndirect factory laborDirect labor-wagesTotal factory overheadTotal manufacturing costsAdd: Beginning work-in-process inventoryTotal manufacturing costsLess: Ending work-in-process inventoryCost of goods manufactured$$5854330658170205590120152350805

An income statement stands for the statement that shows profits and loss of the firm, its revenue…

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 Cost of goods manufactured Cost of goods available for sale Less: Finished goods inventory, April 30 Cost of goods sold $ 37 760 $ 797 292 $ 505

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 Cost of goods manufactured Cost of goods available for sale Less: Finished goods inventory, April 30 Cost of goods sold $ 37 760 $ 797 292 $ 505

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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