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 $ $38,000 9,400 64,000 47,000 19,000 33,000 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 180,000 150,000 10,000 34,500 117,000 1,500,000 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. 10,000 indirect Raw Materials (RM) 38,000 materials 180,000 161,000 DM used April 30 RM purchases Work in Process (WIP) 9,400 Cost of goods manuf. April 30 DL used DM used Overhead applied May 31 May 31 47,000 9,400 Finished Goods (FG) Inventory Factory Overhead April 30 May 31 Income statement (partial)