! Required information Use the following information to answer questions [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 $ $49,000 9,600 66,000 31,000 18,100 33,600 Inventories Raw materials 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 Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 196,000 250,000 11,000 57,500 111,000 1,900,000 55% 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. Required information Work in Process (WIP) 9.600 April 30 RM purchases Raw Materials (RM) 49,000 196,000 11,000 Indirect materials DM used 234,000 April 30 IDM used DL used Overhead applied Cost of goods manuf. May 31 9,600 Factory Overhead Finished Goods (FG) 31,000 April 30 Indirect materials Cost of goods manuf. Indirect labor Cost of goods sold Other overhead costs 31,000 Overhead applied Income statement (partial) $