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 $45,000 9,580 57.000 $ May 31 44,000 19,600 34,400 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 181,800 200,000 12,000 46,000 119,000 1,500,000 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, Do not consider any underapplied or overapplied overhead. Work in Process (WIP) 9,500 Raw Materials (RM) 45,000 DM used 181.000 12,000 indirect materials April 30 RM purchases Cost of goods manuf April 30 OM used DL used Overhead applied 214,000 9,500 Factory Overhead Finished Goods (FG) Inventory April 30 Cost of goods sold Cost of goods manut Indirect materials Overhead applied Indirect labor Other overhead costs Income statement (partial) Sales Cost of goods sold Gross profit $ 0