11 art 1 of 4 34 ints Required information (The following information applies to the questions displayed below) The following information is available for Lock-Tite Company, which produces special-ordelecurity products and uses a job order costing system. Inventories Raw materials Work in process Activities and Information for Hay April 30 May 11 $43,000 $ 52,000 10,200 21,300 finished goods 63,000 35,600 Raw materials purchases (paid with cash) 210,000 Factory payroll (paid with cash) 345,000 Factory overhead Indirect materials 15,000 Indirect labor 50,000 Other overhead costs 120,000 Sales (received in cash)) 1,400,000 Predetermined overhead rate based on direct labor cost 70% 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 overapplied overhead. Ret Required information April 30 RM purchases April 30 Cost of goods manuf May 31 Raw Materials (RM) Answer is not complete.. Work in Process (WIP) 00 43,000 15,000 Indirect materials April 30 210,000 186,000 DM used Dt used DM used 52.000 Overhead applied May 31 00000 10.200 265.000 625.400 Cost of goods manuf 186,000 105,500 21,300 Finished Goods (FG) Inventory Factory Overhead 63,000 $652,800 Cost of goods sold Indirect materials 15.000 185,500 Overhead applied 625.400 O Indirect labor 80,000 Other overhead costs 120.000 35,600 Underapplied OH C 29.500 Answer is complete and correct. Income statement (partial) Sales Cost of goods sold Gross profit Os 1,400,000 O 652,800 747,200