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Required information [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 Inventories Raw materials Work in process Finished goods $49, 000 9,300 54,000 $49, 000 18,300 34, 600 Activities and information for May Raw materials purchases (paid with cash) Factory payrol1 (paid with cash) Factory overhead 172,000 150,000 Indirect materials Indirect labor Other overhead costs 10, 000 34, 500 99, 500 1,200, 000 Sales (received in cash) Predetermined overhead rate based on direct labor cost 55% Compute the following amounts for the month of May using T-accounts. 1. Cost of direct materlals 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 Raw Materials (RM) Work in Process (WIP) 49,000 172,000 April 30 April 30 9.300 62.000 115,500 80,850 18.300 ndirect materials purchases used M used 0,000 Indirect materials used 349,350 Cost of goods manuf 16,200 DM used Overhead applied 194,800 Finished Goods (FG) Factory Overhead 54,000 10,000 34.500 99,500 April 30 80,850Overhead applied ndirect materials Indirect labor Other overhead costs Cost of goods manuf 34,600 349,350 Cost of goods sold 260,750 erapplied OH 63.150 Income statement (partial) Sales Cost of goods sold Gross profit $ 1,200,000 260,750 $939,250