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 $ $35,000 10,000 69,000 41,000 19,100 34,300 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 181,000 250,000 7,000 57,500 94,500 1,400,000 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. Required information Raw Materials (RM) 7,000 Indirect materials 181,000 DM used Work in Process (WIP) 35,000 April 30 RM purchases Cost of goods manuf. April 30 DM used DL used Overhead applied May 31 209,000 1 35,000 Factory Overhead Finished Goods (FG) Inventory 69,000 Cost of goods sold April 30 Indirect materials Overhead applied Cost of goods manuf. Indirect labor Other overhead costs Underapplied OH O Income statement (partial) Sales $ 1,400,000 Cost of goods sold Gross profit $ 1,400,000