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 Inventories Raw materials $38, eee $ 59, eee Work in process 9,1ee 20,400 Finished goods 56, eee 34, see Activities and information for May Raw materials purchases (paid with cash) 193, eee Factory payroll (paid with cash) 250, eee Factory overhead Indirect materials 7, eee Indirect labor 57,500 Other overhead costs 184, eee Sales (received in cash) 1,680, eee Predetermined overhead rate based on direct labor cost 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. Raw Materials (RM) Work in Process (WIP) Finished Goods (FG) Inventory Factory Overhead