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 10,200 63,000 52,000 21,300 35,600 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 210,000 345,000 15,000 80,000 120,000 1,400,000 70% 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) April 30 RM purchases 210,000 April 30 DM used DL used Overhead applied [ [ 15,000 Indirect materials 186,000 DM used 186,000 265,000 185,500 11,100 625,400 Cost of goods manuf. May 31 9,000 Finished Goods (FG) Inventory April 30 Indirect materials Indirect labor Other overhead costs Factory Overhead 15,000 80,000 120,000 185,500 Overhead applied 29,500 Cost of goods manuf. 625,400 652,800 Cost of goods sold 27,400 Income statement (partial) Sales $ Cost of goods sold Gross profit $ 1,400,000 652,800 747,200