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 $ $38,000 9,100 51,000 43,000 20,300 33,800 Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 175,000 200,000 17,000 46,000 106,500 1,700,000 558 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. Overapplied or underapplied overhead. *Do not consider any underapplied or overapplied overhead. Overapplied or underapplied overreau. *Do not consider any underapplied or overapplied overhead. Raw Materials (RM) 38,000 43,000 Indirect materials 175,000 153,000 DM used April 30 RM purchases Work in Process (WIP) 9,100 153,000 Cost of goods manuf. April 30 DM used DL used Overhead applied 154,000 17,000 316,100 Finished Goods (FG) Factory Overhead 0 Income statement (partial)