Required information Use the following information to answer questions 7-11 [The following information applies to the questions displayed below.] The following information is available for Lock-Tite Company, which produces spe order security products and uses a job order costing system. April 30 May 31 Inventories Raw materials $43,000 $ 52,000 Work in process 10,200 21,300 Finished goods 63,000 35,600 Activities and information for May Raw materials purchases (paid with cash) 210,000 Factory payroll (paid with cash) 345,000 Factory overhead Indirect materials 15,000 Indirect labor 80,000 Other overhead costs 120,000 Sales (received in cash) 1,400,000 Predetermined overhead rate based on direct 70% labor cost Exercise 2-7 Cost flows in a job order costing system LO P1, P2, P3, P4