ences 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 301 May 21 Inventories Raw materials $42,000 S 48,000 Work in process 9,700 18,100 Finished goods 69,000 33,800 Activities and Information for May Raw materials purchases (paid with cash) 171,000 Factory payroll (paid with cash) 100,000 Factory overhead Indirect materials 12,000 Indirect labor 23,000 Other overhead costs 103,500 Sales (received in cash) Predetermined overhead rate based on direct labor cost 1,100,000 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 underappled or overapplied overhead. April 30 RM purchases May 31 Raw Materials (RM) Work in Process (WIP) Indirect materials OM used Finished Goods (FG) Inventory Factory Overhead Apel 30 Cost of goods sold Cost of goods sold May 31 Income statement partia