April 38 May 31 $ $40,000 9,700 58,000 43,000 19,700 33,500 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 186,000 150,000 9,000 34,500 92,000 1,000,000 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. "Do not consider any underapplied or overapplied overhead. April 30 Raw Materials (RM) 40,000 9,000 indirect materials 186,000 OM used Work in Process (WIP) 9,700 Cost of goods manuf PRM purchases April 30 DM used DL used Overhead applied May 31 May 31 217,000 9,700 Finished Goods (FG) Inventory 58,000 Cost of goods sold Factory Overhead 9,000 RM purchases April 30 Cost of goods manuf. Overhead applied Indirect labor 34,500 Other overhead costs 92,000 May 31 58,000 Underapplied OH 135,500 Income statement (partial) Sales Cost of goods sold Gross profit $ 0