Assignment Saved April 30 May 31 $ $42,899 9,500 63,000 54,000 20,600 34,100 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 196,000 200,000 16,000 46,000 118,000 1,200,000 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 "Do not consider any underapplied or overapplied overhead. Work in Process (WIP) 9, 500 April 30 Raw Materials (RM) 42,000 16,000 indirect materials 196,000 DM used 54.000 C April 30 RM purchases ost of goods manuf. DM used DL used Overhead applied May 31 | May 31 168.000 9,500 Finished Goods (FG) Inventory 63.000 C ost of goods sold Overhead applied April 30 Cost of goods manut indirect materials direct labor Other overhead costs Underapplied OH Factory Overhead 16,000 46,000 118. 000 May 31 63.000 TTT 11 Hii Next > ^ DELL Income stateme Sales Cost of goods sold Gross profit | $ 0