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 Inventories May 311 Raw materials $47,000 $ 56,000 Work in process Finished goods 9,800 19.100 53,000 34,400 Activities and information for May Raw materials purchases (paid with cash). 197,000 Factory payroll (paid with cash) 150,000 Factory overhead Indirect materials 13,000 Indirect labor 34,500 Other overhead costs 99,000 Sales (received in cash) Predetermined overhead rate based on direct labor cost 1,100,000 55%