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Required information [The following information applies to the questions displayed below.] 4 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 $ $28,000 9,800 63,000 45,000 18,600 34,800 k 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 180,000 150,000 15,000 34,500 111,000 1,700,000 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. *Do not consider any underapplied or overapplied overhead. Work in Process (WIP) April 30 RM purchases Raw Materials (RM) 28,000 15,000 Indirect materials 180,000 Indirect materials 45,000 May 31 148,000 0 Finished Goods (FG) Inventory Factory Overhead 0 Income statement (partial) $ 0