! 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 $ $44,000 9,200 56,000 44,000 19,200 34,900 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 193,000 150,000 6,000 34,500 107,500 1,300,000 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) Work in Process (WIP) Finished Goods (FG) Inventory Factory Overhead Income statement (partial) Journal entry worksheet Record raw material purchases for cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet Record the entry to assign direct materials to jobs. Note: Enter debits before credits. General Journal Debit Credit Transaction 2. Record entry Clear entry View general journal Journal entry worksheet . B c Record the entry to assign indirect materials to jobs. Note: Enter debits before credits. General Journal Debit Credit Transaction 3 Record entry Clear entry View general journal