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Cost of Goods Manufactured, Income Statement Norton Industries, a manufacturer of cable for heavy month. The statement of cost of goods sold for April 2010 follows: the at the end of each construction industry, closes its books and prepares financial NORTON INDUSTRIES Statement of Cost of Goods Sold For the Month Ended April 30, 2010 ($000 omitted Inventory of finished goods, March 31 Cost of goods manufactured $ 50 790 $840 247 $593 Cost of goods available for sale Less inventory of finished goods, April 30 Cost of goods sold Of the utilities, 80 percent relates to manufacturing the cable; the remaining 20 percent relates to th sales and administrative functions. All reit is for the office building. · Property taxes are assessed on the manufacturing plant. Of the insurance, 60 percent is related to manufacturing the cable; the remaining 40 percent is related tr the sales and administrative functions. Depreciation expense includes the following: Manufacturing plant Manufacturing equipment Office equipment $20,000 30,000 4,000 $54,000 The company manufactured 7,825 tons of cable during May 2019 ghe inventory balances at May 31, 2010, follow: Direct materials inventory $23,000 Work-in-process inventory $220,000 Finished goods inventory $175,000

Solution

Direct materials inventory

$23,000

Work-in-Process inventory

$220,000

Finished goods inventory

$175,000

Depreciation expense includes the following:

Manufacturing plant

$20,000

Manufacturing equipment

$30,000

Office equipment

$4,000

$54,000

Norton Industries

Statement of Cost of Goods Manufactured

For the Month Ended May 31, 2007

($000) omitted

Direct Materials Used

    Direct Materials Inventory, April 30

$28

    Direct Materials Purchases

$510

    Freight in

$15

    Total Direct Materials Available

$553

    Direct Materials Inventory, May 31

$23

Direct Materials Used

$530

Direct Labor-Wages

$260

Factory Overhead

    Indirect factory labor

$90

    Utilities

$108

    Property taxes--Plant

$60

    Insurance

$12

    Depreciation

$50

Total Factory Overhead

$320

Total Manufacturing Cost Incurred During Year

$1,110

Work-in-Process Inventory, April 30

$150

Total Manufacturing Costs to Account for

$1,260

Work-in-Process Inventory, May 31

$220

Cost of Goods Manufactured

$1,040

Norton Industries

Income Statement

For the Month Ended May 31, 2007

($000) omitted

Sales Revenue

$1,488

Less: Sales Discounts

$20

Net Sales

$1,468

Cost of Goods Sold:

    Finished Goods Inventory, April 30

$247

    Cost of Goods Manufactured

$1,040

    Total Goods Available for Sale

$1,287

    Finished Goods Inventory, May 31

$175

Cost of Goods Sold

$1,112

Gross Margin

$356

General, Selling, & Administrative Expense:

    Office Salaries

$122

    Sales Salaries

$42

    Insurance

$8

    Utilities

$27

    Rent

$9

    Depreciation

$4

    Interest

$6

Total General, Selling, & Administrative Expense

$218

Income from operations

$138

Other revenue

$2

Net Income

$140

You can ascertain the amounts from above solutions as all the information is clearly mentioned in solution

1-

    Direct Materials Inventory, May 31

$23

2-$220

Total Manufacturing Costs to Account for

Work-in-Process Inventory, May 31

3-

Cost of Goods Manufactured

$1,040

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	Direct materials inventory	$23,000
	Work-in-Process inventory	$220,000
	Finished goods inventory	$175,000
Depreciation expense includes the following:
	Manufacturing plant	$20,000
	Manufacturing equipment	$30,000
	Office equipment	$4,000
		$54,000