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. $49,000 $ 49,000 Work in process 9,600 18,300 Finished goods 56,000 34,500 Activities and information for May Factory payroll (paid with cash) Raw materials purchases (paid with cash) 179,000 250,000 Factory overhead Indirect materials 16,000 Indirect labor Other overhead costs. Sales (received in cash) Predetermined overhead rate based on direct labor cost 57,500 107,000 2,000,000 55%