Chapter 15 Homework Saved 2 33.34 points ellook Required information Use the following information to answer questions [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 31 Hint Inventories Raw materials $37,000 $ Mork in process 9,100 51,000. 20,300 Finished goods 65.000 34,500 Activities and information for May Rav materials purchases (paid with cash) 177,000 Factory payroll (paid with cash) 200,000 Factory overhead Indirect materials 12,000 References Indirect labor 46,000 Other overhead costs 103,500 Sales (received in cash) 1,900,000 Predetermined overhead rate based on direct labor cost 551 Exercise 15-7 Cost flows in a job order costing system LO P1, P2, P3, P4 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 RM purchases Raw Materials (RM) 37,000 177,000 Work in Process (WIP) 12,000 indirect materials DM used April 30 DM used 9,100 Cost of goods manuf 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 RM purchases May 31 Raw Materials (RM) 37,000 Work in Process (WIP) 177,000 12,000 Indirect materials DM used April 30 9,100 DM used DL used 202,000 Overhead applied May 311 9,100 Finished Goods (FG) Inventory, Factory Overhead Income statement (partial) Cost of goods manuf