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 $ $28,000 9.600 67.000 56,000 19,200 34.000 Inventories Raw materials Work in process Finished goods Activities and Information for May Raw materiale purchases paid with canh) Factory payroll (paid with cash Factory overhead Indirect materials Indirect labor Other overhead conta Sales (received in can) Predetermined overhead rate based on direct labor coat 176,000 150,000 12.000 34,500 95,000 1,600.000 550 Pantof 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 0.47 points *Do not consider any underapplied or overapplied overhead. Raw Material MD Work in Process (W) ooo Finished Goods if nentory Factory Overhead 0.47 points 1. Raw materials purchases for cash. 2. Direct materials usage. 3. Indirect materials usage Prepare journal entries for the above transactions for the month of May. ook View transaction list Journal entry worksheet P Record raw material purchases for cash. ter Enter det bare Transaction General Journal De Credo Record entry Clear entry Viewed journal 0.47 Dents 1. Raw materials purchases for cash, 2. Direct materials usage 3. Indirect materials usage Prepare journal entries for the above transactions for the month of May, View transaction lit Journal entry worksheet lo + 18 Record the entry for indirect labor usage Noter debts before Transaction General Journal Debit Credit 2 Record entry Clearly View general journal 1. Direct labor usage. 2. Indirect labor usage. 3. Total payroll paid in cash. Prepare journal entries for the above transactions for the month of May. Hint View transaction list Journal entry worksheet References B Record the entry for the cash payment of total factory payroll. En dit before credit Transaction General Journal Debit Credit 3 Racord entry Clear entry View general Journal 1. Incurred other overhead costs (record credit to Other Accounts). 2. Applied overhead to work in process, Prepare journal entries for the above transactions for the month of May, View transaction list Journal entry worksheet B > es Record other Factory overhead costs (excluding indirect materials and indirect labor). Record credit to Other Accounts. Nous Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general Journal Incurred other overhead costs (record credit to Other Accounts), 2. Applied overhead to work in process. Prepare Journal entries for the above transactions for the month of May View transaction list Journal entry worksheet B Record the application of overhead to work in process. Note Edebit before che Transaction General Journal Debit Credit 2 Record entry Clear entry View general Journal