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 Inventories May 31 Raw materials: $28,000 $ 53,000 Work in process 9,800 20,800 Finished goods 53,000 33,300 Activities and information for May Factory payroll (paid with cash) Raw materials purchases (paid with cash). 176,000 200,000 Factory overhead Indirect materials 10,000 Indirect labor 46,000 Other overhead costs 115,000 Sales (received in cash) Predetermined overhead rate based on direct labor cost 1,700,000 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. Raw Materials (RM) April 30 28,000 RM purchases 28,000 April 30 DM used DL used Previ 1 of 2 Work in Process (WIP) 0 Next >