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 $ $41,000 9,600 68,000 59,000 19,600 33, 400 Inventories Raw materials Work in process Pinished goods Activities and information for May Raw materials purchases (paid with cash) Pactory payroll (paid with cash) Pactory overhead Indirect materials Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 183,000 150,000 10,000 34,500 94,500 1,300,000 556 Exercise 15-7 Cost flows in a job order costing system LO P1, P2, P3, P4 Book Hint 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. Print ferences "Do not consider any underapplied or overapplied overhead. Raw Materials (RM) Work in Process (WIP) Finished Goods (FG) Inventory Factory Overhead GROW applied or underapplied overneaa. consider any underapplied or overapplied overhead. Raw Materials (RM) Work in Process (WIP) Finished Goods (FG) Inventory Factory Overhead Required information Income statement (partial)