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 Inventories Raw materials $45,000 47,000 Work in process 9,300 20,100 Finished goods 67,000 34,600 Activities and information for May Raw materials purchases (paid with cash) 194,000 Factory payroll (paid with cash) 150,000 Factory overhead Indirect materials 16,000 Indirect labor 34,500 Other overhead costs 95,500 Sales (received in cash) 1,600,000 Predetermined overhead rate based on direct labor cost 55%