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. Inventories April 30 May 31 $43,000 10,200 $ 52,000 21,300 35,600 Raw materials Work in process Finished goods 63,000 Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash). Factory overhead Indirect materials 210,000 345,000 15,000 Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 80,000 120,000 70% 1,400,000