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. Inventories April 30 May 311 Raw materials $49,000 $ 59,000 Work in process Finished goods 9,700 19,100 60,000 Activities and information for May 34,400 Raw materials purchases (paid with cash) 197,000 Factory payroll (paid with cash) 150,000 Factory overhead Indirect materials 15,000 Indirect labor 34,500 Other overhead costs 93,500 Sales (received in cash) Predetermined overhead rate based on direct labor cost 1,600,000 55% 1. Incurred other overhead costs (record credit to Other Accounts). 2. Applied overhead to work in process.