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 $ $43,000 9, 200 53,000 42,000 18,100 34,000 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 171,000 150,000 11,000 34,500 91,000 1,100,000 55% Compute the following amounts for the month of May using T-accounts. 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. Work in Process (WIP) April 30 RM purchases Raw Materials (RM) 43,000 11,000 Indirect materials 171,000 I April 30 DM used DL used Overhead applied April 30 May 31 203,000 Factory Overhead April 30 Finished Goods (FG) Inventory 34,500 Indirect labor DL used Cost of goods manuf. May 31 34,500 Income statement (partial)