! 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 job order costing system. April 30 May 31 $ 46,000 $ 9,400 53,000 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 55,000 19,600 34,800 191,000 100,000 9,000 23,000 112,500 1,600,000 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) 46,000 9,000 Indirect materials 191,000 DM used April 30 RM purchases Cost of goods manuf. April 30 DM used DL used Overhead applied May 31 Work in Process (WIP) 9,400 9,000 23,000 42.350 83,750 May 31 228,000 Finished Goods (FG) Inventory 53,000 Cost of goods sold Factory Overhead 9.000 April 30 Indirect materials Cost of goods manuf. Cost of goods manuf. Indirect labor 23.000 Other overhead costs 112.500 May 31 53,000 Underapplied OH 144.500 Income statement (partial) Sales $ 1,600,000 Cost of goods sold Gross profit $ 1,600,000