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 20 May 31 Inventories Raw materials 541.000 3 52,000 work in process 10.2 21,300 Finished goods 63,00 35.ee Activities and information for May Raw materials purchases (paid with cash) 210.000 Factory payroll (paid with cash) 345,000 Factory overhead Indirect materials 15.ee Indirect labor 30.000 other overhead costs 120.000 Sales (received in cash) 1,400,000 Predetermined overhead rate based on direct labor cost 70 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-occounts 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 overhesd. Answer is not complete. Work in Process (WIP) April 30 RM purchases Raw Materials (RM) 43.000 15.000 Indirect materials 210.000 DM used 10.200 May 31 246200 Finished Goods (FG) Factory Overhead 15.000 Indirect materials 0 15.000 210,000 345,000 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 15,000 80,000 120,000 1.400.000 70 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 Answer is not complete. Work In Process (WIP) Art 50 RM purchases Olo Raw Material (FM) 43.000 15.000 indirect materials 210.000 DM US 10.200 OS May 31 208.200 Finthed Goods (FG) Factory Overhead 15,000 Indirect materials 0 15.000 Answer is not complete. income statement partia) 1400.000 Cost of goods $ 1.400000