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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 $ 47,000 Work in process 9,800 18,700 Finished goods 57,000 34,500 Activities and information for May Raw materials purchases (paid with cash) 193,000 Factory payroll (paid with cash) 150,000 Factory overhead Indirect materials 14,000 Indirect labor 34,500 Other overhead costs 91,000 Sales (received in cash) 1,400,000 Predetermined overhead rate based on direct labor cost 55% 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. Raw Materials (RM) Work in Process (WIP) Finished Goods (FG) Inventory Factory Overhead 0 0 Income statement (partial) s 0 1. Raw materials purchases for cash. 2. Direct materials usage. 3. Indirect materials usage. Prepare Journal entries for the above transactions for the month of May. View transaction list Journal entry worksheet Record other Factory overhead costs (excluding indirect materials and indirect labor). Record credit to Other Accounts. Note: Enter debits before credits. Transaction General Journal Debit Credit 1