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 $ $37,000 9,800 55, eee 57,000 20,100 33, 300 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 187,000 200,000 15,000 46,000 104,500 1,600,000 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) Raw Materials (RM) 37,000 15,000 indirect materials 187,000 152,000 DM used April 30 RM purchases Cost of goods manuf. April 30 DM used DL used Overhead applied May 31 May 31 57,000 Finished Goods (FG) Inventory Factory Overhead Income statement (partial)