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 $ $ 26,000 9,500 51,000 41,000 20,600 33,900 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 186,000 100,000 13,000 23,000 100,500 1,200,000 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. Answer is not complete. Raw Materials (RM) Work in Process (WIP) April 30 26,000 April 30 13,000 Indirect materials 9,500 Cost of goods manuf. RM purchases 186,000 182,000 X DM used DM used DL used Overhead applied May 31 OOOOO May 31 17,000 9,500 > Factory Overhead Finished Goods (FG) 51,000 Cost of goods sold Indirect materials April 30 Cost of goods Indirect labor manuf. Other overhead costs May 31 51,000 0