3 Part 1 of 4 8 points 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 Apr 30 May 31 Inventories Raw materials $39,000 5 54,000 Work in process 9,800 1,400 Finished goods 52,000 33,300 Activities and Information for May Raw material purchases (paid with cash) 174.000 Tactory payroll (paid with cash 150,000 Factory overhead Indirect materials 11,000 Indirect label 34,500 Other overhead coats 115,000 Sales (received in cash) 1.100,000 Predetermined overhead rate based on direct labor cost 550 Boc Hm Print Rencos Compute the following amounts for the month of May using Taccounts 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 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. Raw Materials (RM) Work In Process (WIP) Finished Goods (FG) Inventory Factory Overhead Income statement (partial)