3 1.11 points 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. 8 01:21:36 April 30 May 31 eBook $ $ 49,000 9,300 53,000 49,000 19,300 35,000 Hint 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 costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 195,000 300,000 9,000 69,000 94,500 1,200,000 55% Print References 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. Work in Process (WIP) April 30 Raw Materials (RM) 49,000 9,000 Indirect materials 195,000 DM used April 30 RM purchases DM used DL used Overhead applied May 31 May 31 235,000 0 Finished Goods (FG) Inventory Factory Overhead April 30 Indirect materials Cost of goods manuf. Indirect labor Other overhead costs 0 0 Income statement (partial) Sales Cost of goods sold Gross profit $ 0