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 $ $31,000 9,400 70,000 41,000 20,000 33,900 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 192,000 150,000 10,000 34,500 91,500 1,200,000 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) 31,000 10,000 Indirect materials 192,000 DM used Work in Process (WIP) 9,400 April 30 RM purchases April 30 DM used DL used Overhead applied May 31 May 31 213,000 9.400 Finished Goods (FG) Factory Overhead April 30 Indirect materials Cost of goods manuf. Indirect labor Other overhead costs May 31 0 Cost of goods sold 0 Income statement (partial) $ 0