rect Assignment Required information [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. Finished goods Inventories Rav materials Work in process Activities and information for May Factory payroll (paid with cash) 62,000 Raw materials purchases (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 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 May 311 $50,000 9,400 $ 39,000 21,000 35,000 186,000 150,000 13,000 34,500 115,000 1,500,000 558