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 $ $ 47,000 9,100 66,000 58,000 19, 200 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 189,000 200,000 17,000 46,000 102,000 1,300,000 55% mpute the following amounts for the month of May using T-accounts. Cost of direct materials used. Cost of direct labor used. Cost of goods manufactured. Cost of goods sold.* Gross profit. *Do not consider any underapplied or overapplied overhead. Raw Materials (RM) 47,000 17,000 Indirect materials 189,000 DM used Work in Process (WIP) 9,100 April 30 RM purchases Cost of goods manuf. April 30 DM used DL used Overhead applied May 31 May 31 219,000 9,100 Finished Goods (FG) Inventory 66,000 Cost of goods sold Factory Overhead 17,000 April 30 Indirect materials Overhead applied Cost of goods manuf. Indirect labor 46,000 Other overhead costs 102,000 66,000 Underapplied OH 165,000 Income statement (partial) Sales Cost of goods sold Gross profit 1. Direct labor usage. 2. Indirect labor usage. 3. Total payroll paid in cash. Prepare journal entries for the above transactions for the month of May. 1. Incurred other overhead costs (record credit to Other Accounts). 2. Applied overhead to work in process. Prepare journal entries for the above transactions for the month of May