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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 $ $37.000 9, 200 69,000 43,000 18,000 34,900 Inventories Raw materials Work in process Finished goods Activities and Information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 174,000 150,000 13,000 34,500 113,500 1,200,000 55% 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 Required information 6. Overapplied or underapplied overhead Do not consider any underapplied or overapplied overhead April 30 April 30 RM purchases Raw Materials (RM) 37.000 174000 13.000 indirect material 155.000 TOM used 43.000 Work in Process (WIP) 92001 155,000 115 500 63 5251 325 225 Cost of goods manut 18 000 T L Finished Goods (FG) Inventory Factory Overhead 69.000 Indirect materials 13.000 3.525 Overhead applied Cost of goodsmanul 325225 34 500 359,325 Cost of goods sold Other overhead costs 34.900 Under applied OH $ 1200 000 Cost of goods sold