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 $ $43,000 10,200 63,000 52,000 21,300 35,600 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 210,000 345,000 15,000 B0,000 120,000 1,400,000 700 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, April 30 Cost of goods manut Raw Materials (RM) 43.000 15.000 indirect materials 210,000 186,000 OM used April 30 RM purchases OM used OL used Overhead applied May 31 Work in Process (WIP) 10,200 186,000 265,000 102.300 563,500 May 31 52.000 Finished Goods (FG) Inventory Factory Overhead Overhead applied April 30 Cost of goods manul Cost of goods sold indirect materials indirect labor other overhead costs May 31 Underapplied OH o Income statement (partial) Sales Cost of goods sold Gross profit $ 0