0 Required information Use the following information to answer questions [The following information applies to the questions displayed below.) The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 $ $ 29,000 9,600 61,000 33,000 20,400 33,200 Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costo Sales (received in cash) Predetermined overhead rate based on direct labor cost 173,000 200,000 13,000 46,000 107,500 1,700,000 558 Exercise 15-7 Cost flows in a job order costing system LO P1, P2, P3, P4 Compute the following amounts for the month of May using T-accounts, 1. Cost of direct materials used. 2. Cost of direct labor used. 3. Cost of goods manufactured. 4. Cost of goods sold." 5. Gross profit 6. Overapplied or underapplied overhead. *Do not consider any underapplied or overopplied overhead. 7. LULUI UUUUS SU. Required information "Do not consider any underapplied or overapplied overhead. Raw Materials (RM) 29,000 Work in Process (WIP) 9,600 Cost of goods manuf April 30 RM purchases 173,000 April 30 DM used DL used Overhead applied 13,000 indirect materials DM used 189,000 May 31 9,600 Factory Overhead Finished Goods (FG) Inventory 61.000 indirect materials Overhead applied April 30 Cost of goods manut Indirect labor Cost of goods sold Other overhead costs 61,000 Underapplied OH 0 COS Income statement (partial) Sales Cost of goods sold Gross profit S 0 L