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 $50,000 $ 44,000 Work in process 9,700 19,300 Finished goods 56,000 34,300 Activities and information for May Raw materials purchases (paid with cash) 170,000 Factory payroll (paid with cash) 200,000 Factory overhead Indirect materials 13,000 Indirect labor 46,000 Other overhead costs 113,000 Sales (received in cash) 1,300,000 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. 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 April 30 RM purchases Raw Materials (RM) 50,000 13,000 indirect materials 170,000 OM used Work in Process (WIP) 9,700 Cost of goods manut April 30 OM used DL used Overhead applied May 31 May 31 207.000 9,700 Finished Goods (FG) Inventory Cost of goods sold Apni 30 Cost of goods manu Factory Overhead 13,000 40,000 Indirect materials Indirect labor Overhead applied Other overhead costs 113,000 May 31 Underapplied OH 172.000 Income statement (partial) Sales Cost of goods sold Gross profit