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 y 31 Inventories Raw materials Work in process Finished goods $42,000 42,000 18,100 33,400 9,300 68,000 Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials 194,000 300,000 7,000 Indirect labor 69,000 Other overhead costs 93,500 Sales (received in cash) Predetermined overhead rate based on direct 1abor cost 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