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 $ $ 43,000 9,400 64,000 43,800 20,500 34,500 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 184,000 300,000 8.000 69,000 95,500 1,400,000 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. Work in Process (WIP) 9,400 April 30 RM purchases Raw Materials (RM) 43,000 184.000 1 8 ,000 Indirect materials April 30 DM used DL used Overhead applied May 31 DM used 185,500 625,400 Cost of goods manuf 430.500 May 31 219.000 [ Indirect materials Indirect labor Factory Overhead 15,000 185,500 Overhead applied 80,000 Finished Goods (FO) Inventory April 30 63.000 Cost of goods manuf. 625,400 652,800 Cost of goods sold May 31 35,600 Other overhead costs 120,000 Underapplied OH 29,500 Sales Income statement (partial) $ 1.400,000 Cost of goods sold 652,800 Gross profit $ 747 200