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 S $47,000 9,800 60,000 39.000 18,500 33,500 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 Indszect labor Other overhead coats Sales received in cesh) Predetermined overhead rate based on direct labor coat 182,000 200,000 8,000 46,000 106,500 1,500,000 550 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) "Do not consider any underapplied or overapplied overhead. Raw Materials (RM) Work in Process (WIP) Finished Goods (FG) Inventory Factory Overhead Income statement (partial)