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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	$	50,000			$	30,000
Work in process		9,300				19,000
Finished goods		51,000				33,600
Activities and information for May
Raw materials purchases (paid with cash)						174,000
Factory payroll (paid with cash)						200,000
Factory overhead
Indirect materials						15,000
Indirect labor						46,000
Other overhead costs						97,000
Sales (received in cash)						1,100,000
Predetermined overhead rate based on direct labor cost						55	%

Exercise 2-7 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.

Cost of direct materials used.

Cost of direct labor used.

Cost of goods manufactured.

Cost of goods sold.*

Gross profit.

Overapplied or underapplied overhead.

*Do not consider any underapplied or overapplied overhead.

Please help me! Thank you!

Work in Process (WIP) 9,300 April 30 RM purchases Raw Materials (RM) 50,000 174,000 15,000 Indirect materials DM used 209,000 April 30 DM used DL used Overhead applied May 31 Cost of goods manuf. May 31 9,300 Finished Goods (FG) Factory Overhead April 30 Indirect materials Overhead applied Cost of goods manuf. Indirect labor Cost of goods sold Other overhead costs May 31 0 Underapplied OH Income statement (partial) Sales $ 1,100,000 Cost of goods sold Gross profit $ 1,100,000