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 ob order costing system Inventories Raw materials Work in process Finished goods $49,000 31,000 19,700 33,700 9,600 59,000 Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead 176,000 100,000 Indirect materials Indirect labor Other overhead costs 13,000 23,000 100,500 1,900,000 Sales (received in cash) ned overhead rate based on direct labor cost 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