! Part 1 of 4 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. 1.87 points April 30 May 31 $ eBook $50,000 9,800 50,000 57,000 20,800 33,600 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 186,000 100,000 Print References 17,000 23,000 104,500 2,000,000 55% Exercise 19-7 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. Part 1 of 4 Raw Materials (RM) Work in Process (WIP) April 30 April 30 87 oints 0 eBook Finished Goods (FG) Inventory Factory Overhead April 30 Print References Income statement (partial) $ 0