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 $ $40,000 9,300 64,000 58,000 18,700 34.900 Inventories Raw materials Work in process Tinished goods Activities and information for May Raw materiale purchases (paid with canh 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 182,000 100,000 15,000 23,000 103,500 1,600,000 550 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) NAY! 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 Income statement (partial)