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 special order security products and uses a job order costing system April 30 May 31 Inventories Raw materials Work in process Finished goods $40,000 $ 51,000 20,900 33,600 9,400 63,000 Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead 184,000 150,000 Indirect materials Indirect labor Other overhead costs 11,000 34,500 101,000 1,800,000 Sales (received in cash) Predetermined overhead rate based on direct 55% labor cost Exercise 19-7 Cost flows in a job order costing system LO P1, P2, P3, P4 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