! 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 $ $46,000 9,300 61,000 57,000 20,800 34,400 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 183,000 200,000 10,000 46,000 94,000 1,200,000 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. X Answer is not complete. Raw Materials (RM) Work in Process (WIP) April 30 46,000 10,000 Indirect materials April 30 9,300 Cost of goods manuf. RM purchases 183,000 DM used DM used DL used Overhead applied May 31 219,000 May 31 9,300 Finished Goods (FG) Factory Overhead 10,000 April 30 61,000 Cost of goods sold Indirect materials Overhead applied Cost of goods manuf. Indirect labor 46,000 Other overhead costs 94,000 May 31 61,000 Underapplied OH 150,000 X Answer is not complete. Income statement (partial) Sales $ 1,200,000 Cost of goods sold Gross profit 1,200,000