help Save & Exit 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 Inventories Raw materials $ 29, eee $ 41, eee Work in process 9,500 20,200 Finished goods 68,000 Activities and information for May 33,280 Raw materials purchases (paid with cash) Factory payroll (paid with cash) 192, eee 250,000 Factory overhead Indirect materials Indirect labor 16,000 57,500 Other overhead costs 108, eee Sales (received in cash) 1,400,000 Predetermined overhead rate based on direct labor cost 55% Compute the following amounts for the month of May using T-accounts 1. Cost of direct materials used. I 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. Saved Help Save & Ex A PAREM Required information not consider any underapplied or overapplied overhead. Raw Materials (RM) Work in Process (WIP) Finished Goods (FG) Inventory Factory Overhead Income statement (partial)