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 Work in process Finished goods $33,00040,000 20,300 34,500 9,100 58,000 Activities and information for May Raw materials purchases (paid with cash) Factory payrol1 (paid with cash) Factory overhead 197,000 100,000 Indirect materials Indirect labor Other overhead costs 8,000 23,000 99,500 1,500,000 558 Sales (received in cash) Predetermined overhead rate based on direct labor cost 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) Work in Process (WIP) April 30 33,000 April 30 9,100 182,000 77,000 42,350 20,300 purchases 197,000 DM used 8,000 materials used 182,000 DM used Overhead applied 290,150 Cost of goods manuf 40,000 Finished Goods (FG) Factory Overhead April 30 58,000 Indirect materials 8,000 23,000 99,500 Cost of goods manuf 290,150 Indirect labor 313,650 Cost of goods sold Other overhead costs 34,500 42,350 ad applied 88,150