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 $ $ 45,000 9,000 56,000 45,000 19,400 33,500 Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroli (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 187,000 200,000 11,000 46,000 98,000 1,200,000 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. Work in Process (WIP) April 30 RM purchases Indirect materials Raw Materials (RM) 45,000 187,000 (11,000) (45,000) 176,000 Finished Goods (FG) Inventory Factory Overhead 0 Income statement (partial) 0