NORTON INDUSTRIES Preclosing Account Balances May 31 ($000 omitted) securities Cash and marketable Accounts and notes receivable Direct 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 payable Paid-in capital Retained earnings Sales Sales discounts Other revenue Purchases of direct materials Direct labor Indirect factory labor Office salaries Sales salaries Utilities Rent Property tax Insurance Depreciation Interest expense Freight-in for materials purchases $ 55 210 48 190 307 1,290 80 520 90 900 1,932 30 2 610 380 130 162 82 195 29 100 25 58 13 35 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.

NORTON INDUSTRIES Preclosing Account Balances May 31 ($000 omitted) securities Cash and marketable Accounts and notes receivable Direct 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 payable Paid-in capital Retained earnings Sales Sales discounts Other revenue Purchases of direct materials Direct labor Indirect factory labor Office salaries Sales salaries Utilities Rent Property tax Insurance Depreciation Interest expense Freight-in for materials purchases $ 55 210 48 190 307 1,290 80 520 90 900 1,932 30 2 610 380 130 162 82 195 29 100 25 58 13 35 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.

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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