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 $31,000 $ 53,000 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 9,600 57,000 20,400 34,700 179,000 200,000 10,000 Indirect labor 46,000 Other overhead costs 118,000 Sales (received in cash) 1,900,000 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. Requireu mormldliun Work in Process (WIP) Raw Materials (RM) 0 C Finished Goods (FG) Factory Overhead 0 0 Income statement (partial) $ 0 1. Raw materials purchases for cash. 2. Direct materials usage. 3. Indirect materials usage. Prepare journal entries for the above transactions for the month of May View transaction list View journal entry worksheet No Transaction General Journal Debit Credit Raw materials inventory 179.000 1 1 Cash 179,000 Work in process inventory 2 147,000 Raw materials inventory 147,000 3 Factory overhead 10,000 3 Raw materials inventory 10,000 1. Direct labor usage. 2. Indirect labor usage. 3. Total payroll paid in cash. Prepare journal entries for the above transactions for the month of May. View transaction list Journal entry worksheet 1 2 Record the entry for direct labor usage. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 View general journal Record entry Clear entry 1. Incurred other overhead costs (record credit to Other Accounts). 2. Application of overhead to work in process. Prepare journal entries for the above transactions for the month of May View transaction list View journal entry worksheet No Transaction General Journal Debit Credit Raw materials inventory 1 1 Cash