Ch19 Homework Problems Saved Help Save & Exit Sut Check my wo 4 ! Part 1 of 2 20 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. April 30 May 1 Inventories Raw materials $43,000 52,000 Work in process 10,200 21,300 Finished goods 63,000 35,600 Activities and information for May Raw materials purchases (paid with cash) 210,000 Factory payroll (paid with cash) 345,000 Factory overhead Indirect materials 15,000 Indirect labor 80,000 Other overhead costs 120,000 Sales (received in cash) 1,400,000 Predetermined overhead rate based on direct labor cost 708 eBook Hint Ask References 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 Compute the following amounts for the month of May using T-accounts. of 2 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, 5 -Book Hint Raw Materials (RM) Work in Process Ask oferences 0 Finished Goods (FG) Inventory Factory Overte 0 0