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 $41,000 9,600 64,000 May 31 $ 48.000 18,100 34,000 Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with caah) Factory overhead Indirect materials Indirect labor Other overhead costs Sales (received in canh) Predetermined overhead rate based on direct labor cost 171,000 150.000 18,000 34,500 101,000 1,300,000 558 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. 6. Overapplied or underapplied overhead. "Do not consider any underapplied or overapplied overhead Raw Materials (AM) Work in Process (WIP) April 30 e Finished Goods (FC) Inventory indirect materials Factory Overhead 18,000 63.525 Overhead applied 34,500 indirect labor Other overhead costs 101.000 09.975 Income statement partial) s 0