! 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. April 30 May 31 $49,000 9,500 55,000 59,000 19,900 33,300 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 173,000 200,000 13,000 46,000 106,000 1,100,000 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) 49,000 13,000 indirect materials 173,000 150,000 DM used Work in Process (WIP) 9,500 Cost of goods manuf. April 30 RM purchases April 30 DM used 150,000 154,000 DL used Overhead applied May 31 84,700 398,200 May 31 59,000 Factory Overhead Finished Goods (FG) Inventory 55,000 Cost of goods sold April 30 Cost of goods manuf. 55,000 Income statement (partial) $ 0