Inventories Rav materials April 30 $47,000 9,000 May 31 $ 39,000 Work in process Finished goods 20,300 60,000 34,400 Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) 192,000 250,000 Factory overhead Indirect materials 15,000 Indirect labor 57,500 Other overhead costs 106,500 Sales (received in cash) 1,100,000 Predetermined overhead rate based on direct labor cost 556 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 Raw Materials (RM) Work in Process (WIP)