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 $ $ 38,000 9,400 52,000 59,000 19,900 34,800 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 188,800 150,000 14,000 34,500 103,500 1,300,000 55% Compute the following amounts for the month of May using T-accounts. 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) Work in Process (WIP) Required information "Do not consider any underapplied or overapplied overhead. 4 Raw Materials (RM) Work in Process (WIP) Finished Goods (FG) Factory Overhead Required information Income statement (partial)