Page 712 Exercise 19-7 Cost flows in a job order costing system P1 P2 P3 P4 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. $43,000 $ 52,000 Work in process 10,200 21,300 Finished goods. 63,000 35,600 Activities and information for May Raw materials purchases (paid with cash). 210,000 Factory payroll (paid with cash)... 345,000 Factory overhead Indirect materials. 15.000 Indirect labor.. 80,000 Other overhead costs 120,000 Sales (received in cash) 1,400,000 Predetermined overhead rate based on direct labor cost. 70% Compute the following amounts for the month of May. 1. Cost of direct materials used 2. Cost of direct labor used. 3. Cost of goods manufactured. 4. Cost of goods sold. (Do not consider any underapplied or overapplied overhead.) 5. Gross profit. 6. Overapplied or underapplied overhead. Check (3) $625,400