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 $ $ 42,000 9,600 60,000 48,000 20,400 34,400 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 177,000 100,000 7,000 23,000 95,500 1,800,000 55% Compute the following amou 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) 42,000 7,000 Indirect materials Work in Process (WIP) 9,600 April 30 April 30 Cost of goods manuf. *Do not consider any underapplied or overapplied overhead. Raw Materials (RM) 42,000 7,000 indirect materials 177,000 DM used Work in Process (WIP) 9,600 April 30 RM purchases Cost of goods manuf. April 30 DM used IDL used Overhead applied May 31 May 31 212,000 9,600 Finished Goods (FG) Inventory Factory Overhead Income statement (partial) Sales $ 1,800,000 Cost of goods sold Gross profit $ 1,800,000 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 $ $ 42,000 9,600 60,000 48,000 20,400 34,400 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 177,000 100,000 7,000 23,000 95,500 1,800,000 55% 1. Raw materials purchases for cash. 2. Direct materials usage. 3. Indirect materials usage. Prepare journal entries for the above transactions for the month of May. View transaction list Journal entry worksheet A B Record raw material purchases for cash. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal Journal entry worksheet