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 $43,000 52,000 Work in process 10,200 21,300 Finished goods 63,000 35,600 Activities and information for Hay Raw materials purchases (paid with cash)) 210,000 Factory payroll (paid with cash) 345,000 Factory overhead Indirect materials 15,000 Indirect labor 00,000 Other overhead costs 120,000 Sales (received in cash) Predetermined overhead rate based on direct labor cost 1,400,000 70% 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. April 301 RM purchases Raw Materials (RM) 43,000 210,000 April 30 DL used Work in Process (WIP) 10,200 265.000 11 11014 Required information 4. Cost of goods sold 5. Gross profit 6. Overapplied or underappled overhead. "Do not consider any underapplied or overapplied overhead April 30 RM purchases Raw Materials (RM) 43.000 210 000 Work in Process (WIP) April 30 DL used 10,200 265.000 Book 15.000 Indirect materials 106,000 OM used OM used 106.000 Cost of goods manuf 52.000 Overhead appled May 31 185.500 646 700 HM Finished Goods (G) Inventory Factory Overhead Apr 30 63.000 Indirect materials 15,000 Overhead applied Pin Cest of goods manuf stract labor 00,000 Cost of goods sold Other overhead cost 120.000 May 31 63.000 Underapplied Or 215,000 Sales Incume statement (partial) Cost of goods sold Gross proft