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 Inventories Raw materials $30,000 $ 53,000 Work in process 9,300 19,000 Finished goods 66.000 34,400 Activities and information for May Raw materials purchases (paid with canh) 174,000 Factory payroll (paid with cash) 200,000 Tactory overhead Indirect materials 17.000 Indirect labor 46,000 Other overhead coats 118,500 Sales received in cash) 1.200.000 Predetermined overhead rate based on direct labor cost 55 Compute the following amounts for the month of May using T-accounts. 1. Cost of direct materials used 2. Cost of direct laborused 3. Cost of goods manufactured. 4. Cost of goods sold." 5. Gross profit 6. Overapplied or underapplied overhead. "Do not considerary underapplied or overapplied overhead Raw Materials (RM) Work in Process (WIP) Finished Goods Fentary Factory Overhead 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 list Journal entry worksheet Record the entry for the cash payment of total factory payroll. Note: Enter debits before credits Transaction General Journal Debli Credit 3 Record 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 Record the application of overhead to work in process. Note: Enter debits before credits Transaction General Journal Debit Credit 2 Racord entry Clear enby View general joumal