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 Inventories Raw materials $39,000 $ 36,000 Work in process 9,500 19,900 Finished goods 58,000 33,200 Activities and information for May Raw materials purchases (paid with cash) 195,000 Factory payrolt (paid with cash) 250,000 Factory overhead Indirect materials 15,000 Indirect labor 57,500 Other overhead costs 104,500 Sales (received in cash) 1,700,000 Predetermined overhead rate based on direct labor cost 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) 39,000 15,000 indirect materials 195,000 183,000 DM used Work in Process (WIP) 9,500 April 30 RM purchases Cost of goods manuf. April 30 DM used DL used Overhead applied May 31 183,000 192,500 105,875 490,875 May 31 36,000 Finished Goods (FG) Inventory 58,000 Cost of goods sold Factory Overhead 57,500 April 30 Indirect labor Overhead applied Cost of goods manuf. 0 Indirect materials 15,000 Other overhead costs 104,500 May 31 58,000 Underapplied OH 177,000 Income statement (partial) $ 0