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 Raw materials Mork in process Finished goods April 30 May 31 $43,000 $ 52,000 10,200 21,300 63,000 35,600 Raw materials purchases (paid with cash) 220,000 145,000 Activities and information for Ray Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Sales (received in cash) Fredatermined overhead rate based on direct labor cost 15,000 80,000 120,000 1,400,000 70% 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 underapolled overhead 4