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 S $31.000 9.300 62,000 60,000 20,600 33,00 Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with canh) 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 195,000 250.000 10,000 57,500 90,500 1,400.000 550 Exercise 19-7 Cost flows in a job order costing system LO P1, P2, P3, P4 Check my Required information 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. Raw Materials (RM) Work In Process (WIP) Finished Goods (FG) Factory Overhead HE My SHOC Required information Finished Goods (FG) Factory Overhead Income statement (partial)