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 Inventories 36,000 Raw materials $31,000 Work in process Finished goods 9,600 20,500 67,000 33,800 Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) 182,000 250,000 Factory overhead Indirect materials 6,000 57,500 102,500 Indirect labor Other overhead costs Sales (received in cash) 1,900,000 Predetermined overhead rate based on direct labor cost 558 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 overapplied overhead. Raw Materials (RM) Work in Process (WIP) April 30 April 30 31,000 RM purchases DM used 182.000 6,000 Indirect materials DL used Overhead applied Cost of goods manuf. 171,000 DM used May 31 May 31 36,000 0 Finished Goods (FG) Factory Overhead April 30 May 31 0 0 Income statement (partial) S