6 Part 1 of 2 2.5 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. Inventories Raw materials April 30 May 31 Work in process $29,000 9,400 $ 47,000 19,400 Finished goods 69,000 33,700 Raw materials purchases (paid with cash) Sales (received in cash) Activities and information for May Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Predetermined overhead rate based on direct labor cost 172,000 150,000 11,000 34,500 110,000 1,500,000 55% 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. Required information 6 Raw Materials (RM) Work in Process (WIP) April 30 Part 1 of 2 RM purchases 29,000 18,000 April 30 9,400 DM used 172,000 DL used 150,000 Overhead applied 155,500 2.5 points May 31 47,000 May 31 486,900 Finished Goods (FG) Factory Overhead April 30 Cost of goods manuf. 69,000 Cost of goods sold May 31 69,000 Income statement (partial) S 0 0