April 30 May 31 Inventories Raw materials Work in process $40,000 9,200 $ 58,000 20,500 Finished...

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April 30 May 31 Inventories Raw materials Work in process $40,000 9,200 $ 58,000 20,500 Finished goods 57,000 33,300 Activities and information for May Raw materials purchases (paid with cash) 177,000 Factory payroll (paid with cash) 100,000 Factory overhead Indirect labor Indirect materials 15,000 23,000 Other overhead costs 97,500 Sales (received in cash) 1,100,000 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 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) April 30 40,000 15,000 Indirect materials April 30 9,200 RM purchases 177,000 144,000 DM used DM used 144,000 DL used 77,000 Overhead applied May 31 58,000 May 31 230,200 April 30 May 31 Inventories Raw materials Work in process $40,000 9,200 $ 58,000 20,500 Finished goods 57,000 33,300 Activities and information for May Raw materials purchases (paid with cash) 177,000 Factory payroll (paid with cash) 100,000 Factory overhead Indirect labor Indirect materials 15,000 23,000 Other overhead costs 97,500 Sales (received in cash) 1,100,000 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 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) April 30 40,000 15,000 Indirect materials April 30 9,200 RM purchases 177,000 144,000 DM used DM used 144,000 DL used 77,000 Overhead applied May 31 58,000 May 31 230,200