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 $41,000 $ 37,000 Work in process 9,200 18,800 Finished goods 54,000 34,100 Activities and information for May Raw materials purchases (paid with cash) 178,000 Factory payroll (paid with cash) 150,000 Other overhead costs Factory overhead Indirect materials Indirect labor Sales (received in cash) Predetermined overhead rate based on direct labor cost 13,000 34,500 115,500 1,600,000 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) Work in Process (WIP) Finished Goods (FG) Inventory Factory Overhead Income statement (partial)