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 $ $ 29,000 9,400 63,000 60,000 18,400 33,300 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 187,000 250,000 13,000 57.500 95,500 1,900,000 558 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. mann Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 57,500 95,500 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. *Do not consider any underapplied or overapplied overhead, April 30 RM purchases Raw Materials (RM) 29.000 13,000 Indirect materials 187.000 DM used Work in Process (WIP) 9,400 Cost of goods manuf. April 30 DM used DL used Overhead applied May 31 203.000 9,400 Finished Goods (FG) Factory Overhead 0 0