3 th pen 19 ol PH O Required information Use the following information to answer questions (The following information apples to the questione 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 Inventaries terial 134,000 $ 41,000 work in proce 20,100 Finished goods 8,300 $4,000 11,000 Activities and information for May aterials purchases (peld with cash) 176,00 factory payroll (paid with cash) 500,000 Factory overhead Indirect materials Direct labor 11,000 4,000 Other ever cort 115,00 Sales (received in cash) 1,000,000 Predetermined overheat rate based on direct labor cost 50% 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 laborused 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 Lost of goods 100 5. Gross prof 6. Overappied or underappied overhead "Do not consider any underapplied or overapplied overhead Rew Materials (RM) Feed Goods (0) Intery mestament pertat Work in Press (WIP) Factory Overhea 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 Inventories Raw materials Work in process Finished goods $30,000 9,200 54,000 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 41,000 20,100 33,600 176,000 300,000 11,000 69,000 119,500 2,000,000 $ 55% 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 overapplied overhead. Raw Materials (RM) 0 Finished Goods (FG) Inventory 0 Income statement (partial) $ Work in Process (WIP) Factory Overhead