O 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 8 Job order costing system. April 30 May 31 543,000 10,200 63,000 52,000 21,300 35,600 Inventories Raw materials Work in proces Tinished goods Activities and information for May Raw materiale purchases (paid with canh Factory payroll (paid with cash) Tactory overhead Indirect materials Indirect labor Other overhead conta Sales (received in cash) Predetermined overhead rate based on direct labor cont 210,000 345,000 15.000 90.000 120,000 1.400,000 700 Exercise 02-7 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. Required information 5. Gross profit 6. Overapplied or underapplied overhead, "Do not consider any underapplied or overapplied overhead, Raw Materials (RM) Work In Procee (WIP) Finished Goods (FG) Inventory Factory Overhead Income statement (partial