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 31 346.000 9,500 55,000 42.000 18,200 33,700 Inventories Raw materials Work in process Finished goods Activities and Information for May Raw materiale purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead coats Sales (received in cash) Predetermined overhead rate based on direct labor cost 188.000 200,000 16,000 46,000 95,500 1.100.000 Exercise 15-7 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 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) 0 Finished Goods (FG) Factory Overhead lo Income statement (partial)