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. May 31 $ 41,000 18,800 33,500 April 30 Inventories Raw materials $42,000 Work in process 9,900 Finished goods 64,000 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 194,000 250,000 18,000 57,500 104,000 1,500,000 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) Indirect 42,000 18,000 materials 194,000 177,000 DM used Work in Process (WIP) 9,900 Cost of goods April 30 RM purchases manuf. April 30 DM used DL used Overhead applied May 31 177,000 192,500 May 31 41,000 379,400 Factory Overhead Finished Goods (FG) Cost of goods sold findirect materials Overhead applied April 30 Cost of goods manuf. Indirect labor Other overhead costs May 31 0 Underapplied Income statement (partial) Sales Cost of goods sold Gross profit $ 0