Required information [The following information applies to the questions displayed below.] The following information is available for a Company, which produces special-order security products and uses a job order costing system. Inventories Raw materials. Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials: Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 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. Daw Materials (RM) April 30 May 31 $46,000 $ 34,000 9,500 20,500 59,000 34,800 184,000 150,000 15,000 34,500 107,500 1,900,000 55% Work in Process (WIP)