Compute the following amounts for the month of May. 1. Cost of direct materials used. 4. Cost of goods sold." 2. Cost of direct labos used. 5. Gross profit. 3. Cost of goods manufactured. 6. Overapplied or underapplied overhead. - Do not convider any underappliod or overapplied overticad. Use information in Exercise 15-7 to prepare journal entries for the following events for the month of May. 1. Raw materials purchases for cash. 3. Indirect materials usage. 2. Direct materials usage. Use information in Exercise 15-7 to prepare journal entries for the following events for the month of May. 1. Direct labor usage. 3. Total payroll paid in cash. 2. Indirect labor usage. Use information in Exercise 15-7 to prepare journal entries for the following events for the month of May. 1. Incurred other overhead costs (record credit to Other Accounts). 2. Application of overhead to work in process. Refer to information in Exercise 15-7. Prepare the journal entry to allocate (close) overapplied or underapplied overhead to Cost of Goods Sold