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 $ $39,000 9,700 52,000 37,000 18,000 34,600 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 187,000 100,000 18,000 23,000 103,000 1,800,000 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. April 30 RM purchases Raw Materials (RM) 39,000 18,000 indirect materials 187,000 171,000 DM used Work in Process (WIP) 9,700 171,000 April 30 DM used DL used Overhead applied May 31 Cost of goods manuf. May 31 37,000 180,700 Factory Overhead Finished Goods (FG) Inventory 52,000 Cost of goods sold April 30 Overhead applied Indirect materials Indirect labor Cost of goods manuf. Other overhead costs May 31 52,000 Underapplied OH Income statement (partial) Sales $ 1,400,000 Cost of goods sold Gross profit $ 1,400,000