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 o Job order costing system, April 30 May 31 $ $48,000 9.600 67.000 38,000 19,200 34.300 Inventories Raw materiale Work in process Finished goods Activities and information for May Raw materiale purchases (paid with cash) Factory payroll (paid with cash) Tactory overhead Indirect materiale Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 175,000 100,000 3,000 23,000 116,000 1.400,000 550 Exercise 15-7 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 Do not consider any underapplied or overopplied overhead. April 30 RM purchases Raw Materials (RM) 48,000 8,000 indirect materials 175,000 OM used Work in Process (WIP) 9,600 Cost of goods manul April 30 DM used OL used Overhead applied May 31 8,000 indirect materials May 31 207.000 9,600 Finished Goods (FG) Inventory Factory Overhead Factory payroll April 30 Cost of goods manut Cost of goods sold Indirect labor DL used May 31 0 Income statement (partial) Sales Cost of goods sold Gross profit $ 0