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 Finished goods Inventories Raw materials Work in process Activities and information for May $44,000 38,000 9,000 28,100 64,000 34,500 Raw materials purchases (paid with cash) Factory payroll (paid with cash) 193,000 108,000 Factory overhead Indirect materials Indirect labor 10,000 23,000 Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 115,500 1,600,000 55% Exercise 19-7 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. Overspplied or underapplied overhead. *Do not consider any underapplied or overspplied overhead. April 30 RM purchases May 311 April 30 Cost of goods manuf May 31 Raw Materiale (RM) Work in Process (WIP) DM used Indirect materials April 30 Cost of goods manuf Finished Goods (FG) Income statement (partial) Sales $ 1,600,000 Cost of goods sold Gross profit S 1,600,000 DL used May 31 Factory Overhead Other averhead costs