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. 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. Do not consider any underapplied or overapplied overhead. 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. 1. Direct labor usage. 2. Indirect labor usage. 3. Total payroll paid in cash. Prepare journal entries for the above transactions for the month of May. Journal entry worksheet 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. 1. Incurred other overhead costs (record credit to Other Accounts). 2. Applied overhead to work in process. Prepare journal entries for the above transactions for the month of May. Journal entry worksheet Moonrise Bakery applies factory overhead based on direct labor costs. The company incurred the following costs during the year direct materials costs, \$710,000; direct labor costs, \$3,600,000; and factory overhead costs applied, \$2,520,000. 1. Determine the company's predetermined overhead rate for the year. 2. Assuming that the company's $77,000 ending Work in Process Inventory account for the year had $26,000 of direct labor cost determine the inventory's direct materials costs. Complete this question by entering your answers in the tabs below. Determine the company's predetermined overhead rate for the year. We take the information available to determine what predetermined overhead rate was used for the period. We back into this rate as follows: Moonrise Bakery applies factory overhead based on direct labor costs. The company incurred the following costs during the year direct materials costs, $710,000; direct labor costs, $3,600,000; and factory overhead costs applied, \$2,520,000. 1. Determine the company's predetermined overhead rate for the year. 2. Assuming that the company's $77,000 ending Work in Process Inventory account for the year had $26,000 of direct labor costs determine the inventory's direct materials costs. Complete this question by entering your answers in the tabs below. Assuming that the company's $77,000 ending Work in Process Inventory account for the year had $26,000 of direct labor costs, determine the inventory's direct materials costs